GBP Futures: upside seen losing traction

Open interest in GBP futures markets shrunk by around 2.7K contracts on Thursday, the first drop since June 26, according to advanced figures from CME Group. In the same line, volume decreased by around 6.8K contracts.

GBP/USD faces interim resistance at 1.2570

Cable tested and failed in the 1.2570 area on Thursday amidst declining open interest and volume, which carries the potential to limit futures bullish attempts. The area of weekly highs around 1.2570 is seen as an interim resistance.