GBP futures: neutral/bullish near term

In light of flash data for GBP futures from CME Group, investors added nearly 2.9K contracts to their open interest positions on Wednesday from Tuesday’s 182,784 contracts. In the same line, volume ticked higher by around 2.4K contracts.

GBP/USD faces strong resistance around 1.4200

Cable’s rally appears to be taking a breather for the time being, although the up move in prices couple with rising open interest and choppy activity in volume allows for a probable consolidation in the near term ahead of a resumption of the bull run.