GBP futures: further upside likely near term

In light of CME Group’s flash figures for GBP futures, open interest on Monday increased by almost 4.8K contracts vs. Friday’s final reading at 208,493 contracts. Additionally, volume rose by more than 19.3K contracts.

Cable stays bullish

The recent uptrend in GBP/USD has been accompanied by increasing figures in both volume and open interest, all adding further conviction to the ongoing rally, while the next resistance levels appear in the 1.3440 region, September 2016 highs.

As usual, this bullish view faces potential domestic headwinds coming from the uncertainty around UK politics and the negotiation around Brexit.