GBP futures: room for extra upside

CME Group’s advanced figures for GBP futures markets saw open interest rising by just 323 contracts on Thursday vs. Wednesday’s final 173,440 contracts. In the same direction, volume rose by almost 48.2K contracts, reverting the previous small drop.

GBP/USD now looks to 1.3300 and above

Cable’s ongoing recovery comes in tandem with a small uptick in open interest and a sharp build in volume, opening the door for an extension of the current recovery further north of the 1.3300 milestone. The recent hawkish tone from the BoE keeps fuelling the momentum in GBP although Brexit concerns keep lingering.