GBP futures: rebounds stay tepid
In light of Friday’s advanced data for GBP futures markets provided by CME Group, traders scaled back their open interest positions by nearly 9.7K contracts vs. Thursday’s 192,529 contracts. In the same line, volume dropped significantly by more than 117,413 contracts.
GBP/USD rallies face initial hurdle near 1.3130
Cable’s recent price action saw Sterling finding some decent support in the 1.3040/45 band, although occasional bullish attempts remain poised to find strong resistance around recent tops in the 1.3130 region, ahead of the 1.3170 area, where sits the 10-day sma.
Falling open interest coupled with diminishing volume against the backdrop of rising prices are a signal that the up trend could be running out of steam, leaving the upside limited for the time being.