GBP futures: potential consolidation near term

CME Group’s preliminary figures for GBP futures markets saw open interest dropping by around 3K contracts on Wednesday vs. Tuesday’s final 194,859 contracts. Volume followed suit, up by around 6.7K contracts.

GBP/USD further retracements not ruled out

Cable’s recent descent has been on the back of rising volume and somewhat erratic performance from open interest, opening the door for some near term consolidation but at the same time not ruling out further weakness.