GBP futures: neutral/bullish near term

Preliminary figures for GBP futures markets from CME Group saw open interest rising by almost 5.5K contracts on Friday vs. Thursday’s final 218,334 contracts. Volume, instead, decreased by more than 47.3 contracts, adding to the previous drop.

GBP/USD still targets 1.4070

Cable’s upside momentum is poised to extend in the near term at least, supported by increasing open interest and higher prices, a clear bullish sign. The important drop in volume as of late could somewhat cap potential rallies around the 1.4070 region.