GBP futures: upside poised to continue

In light of advanced data for GBP futures markets from CME Group, open interest rose by almost 3.8K contracts on Tuesday from Monday’s final 202,869 contracts. In the same line, volume increased by more than 23.4K contracts, recording the second uptick in a row.

GBP/USD up move could resume near term

Cable is extending the rejection from yesterday’s YTD tops in the 1.4370 region, accelerated by disappointing UK CPI figures for the month of March. However, the rally in GBP/USD has been on the back of increasing open interest and volume, indicative of a bullish trend. That said, once the CPI-led sell off abates, Cable should be able to resume the upside.