GBP Futures: upside loses steam

CME Group’s flash data for GBP futures markets showed investors added around 3.3K contracts on Friday, reversing five consecutive daily drops. In the same line, volume rose by nearly 21.5K contracts following three drops in a row.

GBP/USD now looks to the 10-day SMA at 1.2667

Cable’s test and retreat from multi-day peaks beyond 1.2700 the figure on Friday was on the back of rising pen interest and volume, leaving the door open for the continuation of the correction lower to, initially, the 10-day SMA in the 1.2670/65 band.