GBP futures: upside running out of steam
Preliminary data for GBP futures markets provided by CME Group showed open interest decreased more than 1.7K contracts on Monday vs. Friday’s final 181,181 contracts. In the same line, volume went down by more than 18.5K contracts, the first decrease after two consecutive advances.
GBP/USD still capped by 1.3440
Yesterday’s indecision in Cable’s price action was against the backdrop of declining both volume and open interest, showing the recent rally could be running out of legs, leaving the critical resistance in the 1.3440 area still untested.