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GBP Futures: Upside looks capped

FX Street
Updated:

In light of advanced data for GBP Futures from CME Group, investors scaled back their open interest positions for the third session in a row on Friday, this time by around 2.5K contracts. Volume, instead, extended the erratic performance and rose by nearly 13.4K contracts.

GBP/USD faces resistance near 1.2500

Cable’s rally appears to have met a tough barrier in the area just below the 1.2500 mark on Friday. Shrinking open interest removed some tailwinds from the recent upside, allowing for some near-term correction, while choppy activity in volume favours some consolidation.

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