GBP Futures: Diminishing bets for extra gains

Investors added just 248 contracts to their open interest positions on Tuesday, prolonging the erratic performance and according to flash data from CME Group. On the other hand, volume receded for the third session in a row, now by more than 4K contracts.

GBP/USD still targets 1.2000

Cable continues to recover ground lost following last week’s “flash crash”. Tuesday’s uptick was accompanied by a small uptick in open interest and the persistent downtrend in volume. Against this backdrop, the next target on the upside remains at the 1.20 level although the move up could be losing some traction at the same time.