GBP futures: up move stays unconvincing

In light of preliminary figures for GBP futures markets, open interest rose by more than 1.6K contracts on Tuesday from Monday’s final 196,035 contracts. On the opposite direction, volume dropped by more than 16.k contracts, reverting the previous gain.

GBP/USD upside still capped by 1.4050/70

Cable is losing some upside momentum on Wednesday after four consecutive daily advances. Yesterday’s uptick was on the back of an irrelevant increase in open interest and shrinking volume, reinforcing the view that extra gains lack of sustainability for the time being and should stay limited by the 1.4050/70 band (resistance line and January 26 high.