GBP futures: rallies appear limited

In light of advanced data for GBP futures markets from CME Group, open interest rose by around 2.2K contracts on Wednesday vs. Tuesday’s 172,017 contracts. In the same line volume increased by almost 8.6K contracts.

GBP/USD upside capped near 1.4100

The recent positive streak in Cable has been on the back of declining open interest and somewhat choppy volume. That, plus the inability of GBP/USD to clear the 1.4100 handle on a sustainable basis leaves rallies capped in this neighbourhood, at least in the near term horizon.