GBP futures: rallies appear limited

According to CME Group’s advanced figures for open interest in GBP futures markets, investors’ marginally trimmed their positions by just 62 contracts from Wednesday’s final 194,300 contracts.

Bullish attempts should struggle for traction

Rising prices in a context of diminishing open interest paints a bearish scenario for the Sterling, where short covering continues to play a main role in the ongoing upside.

Once money stops flowing out the market, the resumption of the down trend should prompt Cable to re-visit recent lows.