GBP Futures: scope for extra upside

Open interest in GBP futures markets rose for the second straight session on Tuesday, now by around 1.7K contracts according to preliminary figures from CME Group. In the same direction, volume went up by nearly 34k contracts, reversing the previous drop.

GBP/USD stays capped by 1.2500

Cable’s positive price action on Tuesday was on the back of rising open interest and volume, opening the door for extra advances in the near term. That said, the 1.2500 area continues to offer strong resistance for the time being.