GBP futures: room for further upside

According to CME Group’s preliminary data for GBP futures markets, open interest rose by more than 3.9K contracts on Friday from Thursday’s final 176,225 contracts, recording the second advance in a row. Volume, instead, went down once again by over 41.2K contracts.

GBP/USD could re-test 1.42 and above

Cable continues its march north, extending the recent breakout of the resistance line off YTD tops and now targeting last week’s peaks in the proximity of 1.4220 recorded in the wake of the BoE meeting.

Despite the picture of rising prices and open interest is a bullish sign, decreasing volume as of late carries the potential of removing some tailwinds from the bull run.