GBP futures: extra gains unlikely

In light of CME Group’s advanced data for GBP futures markets, open interest receded markedly by almost 60.3K contracts on Wednesday vs. Tuesday’s final 229,878 contracts. On the other hand, volume rose by more than 57K contracts, partially reverting the previous drop.

GBP/USD strong barrier lies at 1.4146

Cable’s recent up move has been on the back of declining open interest, a bearish sign indicating the presence of short covering. However, increasing volume as of late could still allow for some gains in the near term.