GBP futures: 1.30 now seems more likely

Wednesday’s preliminary figures for open interest in GBP futures markets tracked by CME Group showed the down trend appears to have come to an end, with volume up by more than 5K contracts vs. Tuesday’s final figures.

Upside momentum confirmed

In light of recent data and against the backdrop of rising prices and volume, it is possible to infer that further GBP gains stay well on the cards, with the initial hurdle at 1.3000 the figure back on the radar.

In fact, the short covering scenario that seems to have boosted the recent upside have given way to genuine demand while reinforcing the ongoing rally in Cable at the same time.