GBP Futures: further consolidation likely

CME Group’s preliminary readings of GBP futures markets noted open interest shrunk by nearly 5.9K contracts on Wednesday, reversing two builds in a row. Volume, instead, rose by more than 16K contracts following two consecutive daily drops.

GBP/USD faces extra rangebound near-term

Cable’s drop on Tuesday was on the back of declining open interest, which hints at the likeliness that further pullbacks could be somewhat limited. That, coupled with rising volume, looks to favour some consolidation in the short-term horizon at least.