GBP Futures: Scope for extra gains

CME Group’s preliminary data showed investors added almost 6.5K contracts to their open interest positions on Thursday, reversing the previous drop. In the same direction, volume extended the choppy activity and increased by around 94.7K contracts.

GBP/USD could now test 1.3172

The BoE’s decision to leave rates on hold on Thursday boosted the demand for the sterling and catapulted Cable well beyond the 1.3100 mark, although it closed the session just below that key barrier. That, amidst increasing open interest and volume, opens the door to a potential move to last week’s tops in the 1.3170 region.