Advanced figures for GBP futures markets from CME Group noted that open interest shrunk by around 2.1K contracts on Wednesday vs. Tuesday’s final 229,052 contracts. Volume, instead, went up by the fourth consecutive session, this time by 62.3K contracts.
GBP/USD still looks to 1.3100 and above
Increasing volume as of late hints at the likeliness that further upside remains on the cards for Cable, although the unclear activity in open interest warns against the sustainability of the upside. As always, Brexit headlines are expected to remain the exclusive driver of the price action.
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