GBP Futures: bullish with caution

CME Group’s flash figures for GBP futures markets noted open interest dropped by just 940 contracts on Tuesday, while volume reversed two consecutive drops and rose by around 41.8K contracts.

GBP/USD faces strong resistance around 1.2300

Cable tested the area just above 1.2300 the figure on Tuesday, although it failed to close above it. The downtick in open interest, albeit small, warns against sustainable gains beyond this level, at least in the near term and with the current state of things on the Brexit front.