GBP futures: extra upside loses momentum

Advanced data for GBP futures markets from CME Group noted investors added almost 4.7K contracts to their open interest positions on Monday vs. Friday’s final 179,918 contracts. Volume, on the other hand, clinched its third drop in a row, this time by nearly 2.9K contracts.

GBP/USD test of 1.4280 appears unlikely

Cable’s rally remains well and sound so far this week, advancing beyond 1.4200 the figure against the backdrop of rising open interest, albeit by small levels. The up move could extend towards monthly tops at 1.4280, although shrinking volume threatens this view for the time being.