GBP Futures: Upside momentum looks exhausted

Pablo Piovano FXStreet

CME Group’s advanced figures showed investors added just 383 contracts to their open interest positions on Thursday, reaching the second build in a row. Volume, instead, shrunk for the second consecutive session, this time by around 39.5K contracts.

GBP/USD seems ready for a correction

Cable closed in red figures on Thursday after testing once again the 1.3150 region. The negative price action was in tandem with rising open interest, hinting at the likeliness that a deeper retracement could be on its way.

Author

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.

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