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GBP Futures: move lower on the cards near term

CME Group’s advanced figures for GBP futures markets noted investors trimmed their open interest positions by around 4.1K contracts on Friday, reversing three builds in a row. In the same direction, volume clinched the second drop in a row, this time by around 139.5K contracts.

GBP/USD met strong hurdle around 1.25

Brexit hopes in combination with USD-weakness have sustained the strong rebound in Cable last week. The up move, however, met a tough resistance in the 1.2500 neighbourhood, coincident with the 100-day SMA. Shrinking open interest and volume could also spark a leg lower in the short-term horizon, with the next probable support at the 1.2300 area, where sits the 55-day SMA.

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