GBP Futures: upside limited?

In light of preliminary data for GBP futures markets from CME Group, investors scaled back their open interest positions for the second day in a row, this time by just 641 contracts. Volume, instead, rose significantly by around 112K contracts.

GBP/USD upside could falter above 1.2500

Cable rose sharply on Thursday in response to auspicious Brexit headlines. The move, however, was amidst declining open interest, which should warn against extra gains in the short term. Increasing volume, on the other hand, could favour further upside to September’s high around 1.2580, where is expected to struggle.