GBP futures: upside losing traction

CME Group’s preliminary data for GBP futures markets noted open interest rose for the fourth consecutive session on Thursday, this time by more than 2.5K contracts vs. Wednesday’s final 249,614 contracts. In the same line, volume increased by almost 34K contracts.

GBP/USD potential interim top near 1.3500

Cable appears sidelined today, easing some ground after testing fresh tops in the vicinity of 1.3480 on Thursday. Rising open interest and volume coupled with yesterday’s doji-like candle opens the door for a probable correction lower and reinforces the view that a near term top could be in place.