GBP futures: further upside unlikely

CME Group’s preliminary data for GBP futures markets saw traders adding more than 1.3K contracts to their open interest positions from Wednesday’s 202,625 contracts. Volume, instead, decreased by more than 45.6K contracts.

GBP/USD faces strong resistance at 1.3600

Cable’s up tick on Thursday came along a tepid increase in the activity in open interest and a significant drop in volume by more than 45K contracts, allowing for a potential continuation of the bull run, although further gains beyond the 1.3600 handle should need a much stronger catalyst (Brexit? BoE?).