GBP Futures: rally expected to continue

CME Group’s advanced data for GBP futures markets noted investors added around 8.5K contracts to their open interest positions on Wednesday, printing the second build in a row. Volume, too, increased for another session, now by almost 67K contracts.

GBP/USD could move to 1.3176

Cable continues its march north unabated so far this week in tandem with increasing open interest and volume, while positive headlines on the upcoming UK elections have been also supportive of the better tone in the sterling. That said, the pair could now attempt a move to the May’s peak at 1.3176.