GBP Futures: ready to resume the upside?

CME Group’s preliminary data for GBP futures markets noted open interest and volume shrunk by nearly 3.8K contracts and around 49K contracts, respectively on Thursday.

GBP/USD could re-test 1.2300 and above

Cable’s negative session on Thursday was in tandem with declining open interest and volume, opening the door for a potential U-turn in the near term. Against this backdrop, a new visit to the 1.2300 neighbourhood in the near term should not be ruled out.