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GBP Futures: scope for further upside

FX Street
Updated:

CME Group’s flash data for GBP futures markets saw investors adding around 2.5K contracts to their open interest positions on Thursday, reversing two previous pullbacks. In addition, volume rose markedly by nearly 76.8K contracts.

GBP/USD now looks to 1.2413, 55-day SMA

Cable rebounded sharply on Thursday in response to positive headlines from the Brexit front regarding the key Irish backstop. Rising open interest and volume amidst positive price action allows for the continuation of the squeeze higher in the near term at least. There are no significant hurdles until the area above 1.2400 the figure, where sits the 55-day SMA.

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