GBP Futures: Upside looks limited

CME Group’s preliminary figures for GBP futures markets noted investors scaled back their open interest positions for the third consecutive session on Wednesday, now by almost 1.7K contracts. On the other side, volume extended the choppy activity and rose by nearly 12.9K contracts.

GBP/USD still capped by 1.3050

Cable’s recovery on Tuesday managed to regain the 1.30 mark and above. However, shrinking open interest leaves the likeliness of extra gains somewhat flat. Against this, the 55-day SMA in the mid-1.30s remains an important resistance for the time being.