GBP Futures: Upside seen limited so far

Open interest in GBP futures markets shrunk by nearly 2.7K contracts at the end of last week according to flash data from CME Group. Volume, instead, reversed two consecutive drops and increased by almost 7.5K contracts.

GBP/USD faces extra consolidation

Cable’s uptick on Friday was accompanied by declining open interest and increasing volume, all opening the door to the continuation of the consolidative mood prevailing since the start of the year. The lower bound of the range emerges at the so far 2020 lows near 1.2850, while the 55-day SMA in the mid-1.3000s should offer decent resistance.