GBP Futures: Scope for extra gains

In light of preliminary readings from CME Group for GBP futures markets, investors increased their open interest positions by around 7.1K contracts on Thursday, reaching the third build in a row. On the other hand, volume went down by almost 66K contracts, reversing two consecutive builds.

GBP/USD now looks to 2019 high

Cable remains firm for yet another week as market participants continue to price in a Tory majority win at the December 12 elections. Thursday’s uptick was accompanied by rising open interest, which leaves the door open for the continuation of the rally in the near term. Against this, the next target of relevance emerges at the 2019 high at 1.3380.