GBP futures: squeeze higher seems limited

In light of advanced data for GBP futures markets from CME Group, investors added just 971 contracts to their open interest positions on Friday vs. Thursday’s final 197,655 contracts. Volume extended its downtrend, this time decreasing by 14.9K contracts.

GBP/USD well supported around 1.3050

Cable’s rejection from 1.3200 and above met strong support in the mid-1.1300s, where sits the 200-day SMA. Friday’s test ad rebound from 1.3050 was amidst increasing volume and a small up tick in open interest, leaving the door open for extra consolidation while another leg lower is not ruled out.

Feb 4, 2019

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