GBP futures: rally stays unabated

In light of preliminary figures for GBP futures markets from CME Group, open interest rose by almost 10.2K contracts on Monday vs. Friday’s final 222,892 contracts. Similarly, volume rose by around 17.6K contracts, partially reverting the previous drop.

GBP/USD now targets 1.4345

The march north in Cable remains intact so far today, gathering extra legs and momentum following the recent break above the key resistance line off YTD tops. Monday’s uptick has been on the back of increasing open interest and volume, reinforcing the current neutral/bullish view and allowing at the same time for a probable test of the mid-1.4300s in the next weeks.