GBP futures: upside running out of steam

CME Group’s advanced figures for Monday’s open interest in GBP futures markets showed traders kept scaling back its positions, this time be a bit more than 1K contracts vs. Friday’s final results.

Further gains appear unlikely

The current scenario around GBP, and Cable in particular, signals the probability that the current positive streak could run out of legs, as prices in spot have been advancing against the backdrop of dwindling volume.

Recent tops around 1.2760 could represent the initial hurdle, although the low-1.2800s appear as a more solid resistance for the time being.