GBP futures: further rangebound likely

Pablo Piovano FXStreet

CME Group’s preliminary figures for GBP futures markets noted open interest increased by just 492 contracts on Tuesday from the previous session. Volume, instead, dropped for yet another session, this time by around 23.8K contracts.

GBP/USD cautious tone poised to persist near term

The inability of Cable to sustain a breakout of the 1.3300 handle and the subsequent consolidative performance is expected to remain in place at least in the near term amidst declining volume and choppy activity in open interest.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.