GBP futures: green light for extra gains

In light of advanced data from CME Group, traders added nearly 400 contracts to their open interest positions on Thursday from Wednesday’s 182,812 contracts. In addition, volume ticked higher by 85,180 contracts, reverting the previous sharp decline.

GBP/USD now targets 1.3350

Cable has been advancing since Monday, gaining around 3 cents since Friday’s lows in the 1.3030 region amidst renewed USD weakness and mixed signals from the ongoing Brexit negotiations.

The up move has been accompanied by rising open interest while volume increased significantly, reinforcing the idea that further upside could be in the pipeline.