GBP Futures: further upside looks likely

CME Group’s flash figures for GBP futures markets showed investors added nearly 2.2K contracts to their open interest positions on Friday, recording the second build in a row. In the same line, volume rose once again, this time by around 20.6K contracts.

GBP/USD still eyes a test of 1.30

Cable appears consolidative in the upper end of the range above the 1.2900 handle so far. Increasing open interest and volume amidst positive price action hints at the likeliness that further gains remain on the cards, with the initial target still at the psychological 1.30 mark.