GBP Futures: upside looks limited

Open interest in GBP futures markets dropped by around 3.2K contracts on Friday according to preliminary data from CME Group. Volume followed suit and shrunk by nearly 29K contracts.

GBP/USD faces strong hurdle around 1.23

Cable appears to have found a tough resistance in recent tops around the 1.2300 handle. Declining open interest and volume should remove tailwinds from extra upside in the near term, leaving Friday’s tops near 1.2300 as an interim hurdle.