GBP futures: upside momentum fading?

In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by nearly 3.3K contracts while volume dropped by more than 69K contracts.

GBP/USD targets 1.3474

The uptick in Cable now seems to target June’s tops in the 1.3475/80 band, although it has been on the back of decreasing volume and open interest, thus prompting investors to remain cautious ahead of potential extra gains.