GBP futures: upside remains tepid

CME Group’s preliminary figures for GBP futures markets showed open interest rose marginally by 930 contracts from Friday’s final 199,222 contracts. In the same direction, volume increased by more than 2.7K contracts.

GBP/USD rallies stay capped by 1.4070

Cable is trading in the negative territory for the first time after two consecutive daily advances. The recent up move has been accompanied by increasing open interest and volume, although the activity remains far from noticeable, reinforcing the view that occasional rallies should be short-lived while capped by the 1.4070 area.