Advanced data for GBP futures markets showed investors added around 7K contracts on Monday from Friday’s 258,117 contracts, according to CME Group. Volume, instead, dropped by more than 6.1K contracts.
GBP/USD upside could reach 1.2900 and above
The upside momentum in Cable remains well and sound so far this week. Backed by rising open interest, the up move could extend beyond 1.2900 the figure, although it is poised to face strong resistance in the 1.2913/34 band, where coincide the 21-day SMA and the resistance line off YTD peaks in mid-April. Shrinking volume, however, could threaten this view.
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