GBP futures: extra gains unsustainable?

GBP futures markets showed open interest dropped by just 169K contracts on Friday from Thursday’s final 258,691 contracts, recording the third consecutive drop according to advanced data from CME Group. On the opposite side, volume increased by almost 55.5K contracts, partially reverting the previous significant drop.

GBP/USD faces strong resistance near 1.3020

Friday’s uptick in Cable lost momentum at the 55-day SMA around 1.3020. The subsequent retracement to today’s 1.2930 area was accompanied by irrelevant activity in open interest and a moderate build in volume, leaving the door open for some consolidation in the near term ahead of further losses.