GBP futures: appears bullish near term

In light of advanced figures for GBP futures markets from CME Group, open interest rose for the second consecutive session, this time by almost 13.5K contracts on Tuesday vs. Monday’s final 225,963 contracts. Volume followed suit, up by around 27.5K contracts and reverting at the same time four consecutive advances.

GBP/USD now looks to 1.3460

Cable’s ongoing recovery has been in tandem with rising open interest and volume, allowing for a continuation of the up move with the next target at former 2018 low at 1.3457 (January 11).