GBP Futures: a move higher is not ruled out

Open interest in GBP futures markets reversed the previous drop and increased by round 3.6K contracts on Monday according to advanced data from CME Group. On the other hand, volume went down by around 20.5K contracts following three consecutive daily builds.

GBP/USD now looks to 1.30

Cable’s moderate advance at the beginning of the week was in tandem with rising open interest, which allows for the continuation of the move up to, initially, the 1.30 neighbourhood. The pullback in volume, however, warns against a sustainable move higher.