GBP Futures: Further upside likely near-term

CME Group’s flash data for GBP futures markets noted investors added nearly 1.8K contracts to their open interest positions on Monday, reversing the previous drop. In addition, volume rose for the second straight session, now by almost 64K contracts.

GBP/USD faces strong resistance at 1.3200

Cable’s recovery appears to have lost some momentum in the 1.3200 region at the beginning of the week. However, rising open interest and volume coupled with positive price action allows for an extension of the move up and another attempt to break above the 1.3200 hurdle.