GBP futures: scope for further recovery

In light of advanced data for GBP futures markets from CME Group, investors added 4.2K contracts on Friday to Thursday’s final 171,186 contracts. On the other hand, volume decreased by nearly 1.6K contracts.

GBP/USD now targets 1.4250

Cable’s recent advance has been in tandem with rising open interest albeit by unimportant levels, while volume also ticked slightly lower. That said, there seems to be room for extra gains in the near term, with the next interim target on the mid-1.4200s.