GBP Futures: Look neutral near term

CME Group’s preliminary readings for GBP futures markets noted open interest increased by almost 1.5K contracts on Tuesday after two consecutive daily drops. Volume followed suit and increased by nearly 13.4K contracts.

GBP/USD met resistance above 1.2500

Cable briefly tested the area above 1.2500 the figure on Tuesday, although the move lacked follow through. Rising open interest and volume against the backdrop of inconclusive price action leaves the outlook somewhat mixed while extra gains appear somewhat limited around the 55-day SMA just above 1.2500.