GBP futures: rally stays unabated

GBP futures markets showed traders added more than 3.2K contracts to their open interest positions on Wednesday vs. Tuesday’s 175,839 contracts, according to preliminary figures released by CME Group. Furthermore, volume went up by 16K contracts.

GBP/USD targets 1.3340

Cable’s rally remains well and sound so far this week. In fact, the latest up move has been in tandem with an up move in open interest and volume, all indicative of a bullish scenario. In this regard, GBP/USD could now attempt a test of the key 1.3340 region in the near term.