GBP futures: further gains lost traction

CME Group’s flash figures for GBP futures markets showed investors trimmed their open interest positions by nearly 1.3K contracts on Tuesday vs. Monday’s 173,400 contracts. Volume, on the other hand, rose by almost 45K contracts.

GBP/USD upside capped by 1.4240/80

Cable’s recent up move has been in tandem with declining open interest, which could undermine any bullish attempts in the near term. The choppy activity in volume should also add to this view.