GBP futures: extra gains appear likely

Open interest in GBP futures markets dropped by almost 5K contracts on Monday according to advanced figures from CME Group. In the same direction, volume shrunk by around 64.6K contracts after two builds in a row.

GBP/USD now looks to 1.3200

Cable’s negative performance at the beginning of the week was accompanied by shrinking open interest and volume, signalling that a U-turn could be in the pipeline in the short-term horizon. That said, April’s tops in the 1.3200 neighbourhood emerge as the immediate target for the time being.