GBP futures: rally running out of steam?

CME Group’s advanced data for GBP futures markets noted open interest rose for the second session in a row on Wednesday, this time by nearly 1.8K contracts vs. Tuesday’s final 210,549 contracts. On the flip side, volume dropped by more than 5.6K contracts.

GBP/USD reached 1.3200, extra gains could struggle

Cable’s rally appears to have met a strong resistance in the 1.3200 neighbourhood for the time being. Yesterday’s up move was on the back of an up tick in open interest while volume shrunk, extending the choppy performance and warning against the continuation of the up move, at least in the near term.