GBP futures: interim top in place?

In light of Friday’s flash data from CME Group, traders scaled back its open interest positions in GBP futures by more than 3.9K contracts vs. Thursday’s final reading 272,302 contracts. Following suit, volume dropped by over 59K contracts.

GBP/USD upside halted just above 1.3600

Cable’s rally appears to have met quite a strong resistance just beyond 1.3600 the figure, retreating to the 1.3560 area at the time of writing and not ruling out a deeper retracement.

Friday’s up move was accompanied by dwindling open interest and volume, which could remove some tailwinds from the strong bull run, opening the door at the same tome to the idea that a potential interim top could be in place near 1.3620.