GBP futures: further upside unlikely

CME Group’s advanced data for GBP futures markets showed open interest shrunk for the second day in a row, this time by more than 1.8K contracts on Wednesday from Tuesday’s final 210,800 contracts. On the other direction, volume rose once again by around 30.4K contracts.

GBP/USD struggles to retake 1.2800

Cable’s positive performance yesterday was all about USD-weakness. Declining open interest warns against extra bullish attempts while the 1.2800 neighbourhood remains a strong barrier for the time being.