GBP futures: rally still has room to go

In light of recent preliminary figures from CME Group in GBP futures markets, open interest increased by more than 2.8K contracts on Friday vs. Wednesday’s final 178,947 contracts. Volume followed suit ticking higher by almost 10.3K contracts.

GBP/USD door open for a test of 1.3440

Cable’s rally stays everything but abated today, advancing to fresh tops in the 1.3355/60 band. The backdrop of rising open interest and volume is clearly bullish, and leaves the door open for the pair to attempt a visit to the next resistance of relevance in the 1.3440 region.