In light of advanced data for GBP futures markets from CME Group, investors shrunk their open interest positions by almost 4K contracts on Tuesday following three builds in a row. In the same line, volume went down by nearly 50K contracts, prolonging the choppy activity.
GBP/USD: Gains looks capped by 1.3200
Cable’s rebound from yearly lows on Tuesday was on the back of shrinking open interest and volume, hinting at the likeliness that the continuation of the upside is expected to falter in the short-term horizon. Against this backdrop, recent tops near 1.3200 the figure are seen capping any bullish attempt for the time being.
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