GBP futures: scope for further recovery

In light of CME Group’s preliminary data for GBP futures markets, open interest rose by more than 3.3K contracts on Monday from Friday’s final 184,547 contracts. Volume followed suit, up by around 16.2K contracts yesterday.

GBP/USD met strong support at 1.34

Cable continues to recover after falling to fresh multi-month lows in levels just below 1.3400 the figure at the beginning of the week. The rebound has been accompanied by rising both open interest and volume, allowing for a continuation of the up move to 1.3658 (September 2017 top), which should be the first relevant hurdle.