GBP Futures: further upside looks limited

CME Group’s advanced data for GBP futures markets noted open interest and volume dropped by nearly 2K contracts and around 9.3K contracts, respectively, on Tuesday, extending the ongoing downtrend.

GBP/USD risks a deeper correction

Further gains in Cable looks unconvincing for the time being amidst shrinking open interest and volume. That said, immediate contention still emerges near 1.2300, coincident with the 55-day SMA, while rallies are expected to falter in the low-1.2500s.