GBP Futures: Extra gains appear unlikely
CME Group’s advanced data showed investors added almost 3.8K contracts to their open interest positions at the end of last week, reaching the second build in a row. Volume, instead, extended the choppy performance and dropped by around 39.6K contracts.
GBP/USD seen capped around 1.3280
Cable’s moderate advance as of late was accompanied by declining open interest and inconclusive activity in volume. That said, while further upside should not be discarded in the short-term, the 1.3280 region is likely to act as a very strong resistance. Failure to extend the recent move up could morph into some near-term consolidation.