GBP futures: extra gains appears limited

In light of flash data for GBP futures markets from CE Group, investors added almost 4.3K contracts to their open interest positions on Friday vs. Thursday’s 198,278K contracts. Volume, instead, dropped significantly by more than 76K contracts.

GBP/USD resistance now seen at 1.3550

Cable’s recent price action has been in tandem with rising open interest albeit declining volume. However, the key 2014-2017 downtrend line keeps offering initial support, today at above 1.3400 the figure. On the other hand, strong resistance should appear in recent tops in the mid-1.3500s.