GBP Futures: upside unsustainable?

According to flash data for GBP futures markets from CME Group, investors trimmed once again their open interest positions by around 5.4K contracts on Wednesday, the fourth drop in a row. In addition, volume extended the choppiness seen as of late and shrunk by nearly 8.9K contracts.

GBP/USD still keeps a test of 1.30 on the table

The positive price action around Cable was once again in tandem with declining open interest and volume, noting that short covering (and USD-selling) is fuelling the upside for the time being. That said, while a test of 1.30 remains on the cards, correction lower in the near term is expected to gather further momentum.