GBP futures: upside limited?

According to CME Group’s advanced figures for EUR futures markets, investors scaled back their open interest positions by more than 1.8K contracts on Thursday vs. Wednesday’s final 260,715 contracts. In the same line, volume fell by around 94.2K contracts.

GBP/USD could still test 1.3000

Cable charted a bullish ‘outside day’ on Wednesday, although the follow through was practically irrelevant. Yesterday’s price action showed some lack of decision in the markets amidst shrinking open interest and volume. While a test of 1.3000 and above is still alive, a strong catalyst should be needed to sustain a more significant up move.