GBP futures: More pain in store for Sterling bears

The preliminary data for June 29 published by the CME shows the Open Interest (OI) in GBP futures jumped by 7943 contracts, thus suggesting the rally has got more legs. 

Cable closed above 1.30 on Thursday for the first time since May 19. The daily chart also shows a bullish descending broadening wedge breakout, which signals continuation of the big rally from the March low of 1.2109. 

The addition in the OI means the traders are expecting further gains. This goes well with the fact that RSI is above 50.00, sloping upwards, but is yet to hit the overbought territory.