GBP Futures: further upside looks unlikely

Flash data for GBP futures markets noted open interest shrunk for the fifth session in a row on Thursday, this time by around 2.6K contracts. In the same direction, volume extended the downtrend for another session, this time by around 10.7K contracts, all according to CME Group.

GBP/USD upside so far capped by the 21-day SMA

Weekly bullish attempts in Cable remain capped by the 21-day SMA above 1.2700 the figure. Supporting this view, declining open interest and volume should leave any bull run pretty limited for the time being.