GBP Futures: Extra gains look likely

CME Group’s flash data for GBP futures markets noted investors kept adding contracts to their open interest position on Tuesday, now by around 1.4K contracts. Volume, instead, shrunk for the second straight session, this time by nearly 2.8K contracts.

GBP/USD could move to the 1.30 area

Cable’s uptick on Tuesday was on the back of rising open interest, which remains supportive of further gains, at least in the near-term. The persistent drop in volume, however, could remove tailwinds from the probable move up and prompt some consolidation instead.