GBP futures: room for extra gains

CME Group’s flash data for GBP futures markets showed open interest rising by more than 13.3K contracts on Thursday vs. Wednesday’s final 205,021 contracts. On the other hand, volume dropped marginally by around 1.3K contracts, the first decrease after six builds in a row.

GBP/USD potential test of 1.4000/70

The recent up move in Cable appears reinforced by increasing both volume and open interest, opening the door for extra gains to, initially, the psychological barrier at 1.4000 the figure. If cleared, the bull run could extend to 1.4070, late February tops.