GBP Futures: Look neutral in the near term

CME Group’s flash prints for GBP futures markets noted investors trimmed their open interest positions by around 1.6K contracts on Tuesday, reaching the fifth consecutive drop. On the other hand, volume extended the choppy activity and rose by around 22.5K contracts.

GBP/USD remains capped by 1.2500

Cable stays side-lined in the upper end of the recent range, although the upside is still capped by the 1.2500 neighbourhood. Inconclusive performance in open interest and volume allows for the continuation of the consolidative mood, at least in the near term.