GBP futures: up move could lose momentum

According to preliminary figures for GBP futures markets, traders scaled back their positions by just above 700 contracts on Tuesday vs. Friday’s 200,036 contracts, while volume rose significantly by more than 36.5K contracts.

GBP/USD recovery faces resistance above 1.3100

Cable has extended the rebound from the 1.2770 region to the current vicinity of 1.3050, recording at the same time fresh 4-week peaks. However, the recent drop in open interest prompts some caution despite the important increase in volume seen yesterday, while the interim resistance is now seen in the 1.3160 area (July 27).