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GBP Futures: Extra gains look unconvincing

According to preliminary data from CME Group for GBP futures markets, open interest extended the choppy activity and shrunk by almost 11.5K contracts on Friday. on the other hand, volume reversed three consecutive pullbacks and rose by near 40.9K contracts.

GBP/USD faces the next hurdle at 1.3200

Cable is prolonging the rally on Tuesday. Indeed, extra gains appear supported by the broad-based weakness in the greenback, although the downtick in open interest hints at the presence of short covering behind the move up. That said, GBP/USD faces a strong hurdle in the 1.3200 neighbourhood, which could spark at the same time some consolidation or even a correction lower.

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