GBP futures: further consolidation near term

According to CME Group’s advanced data for GBP futures markets, investors trimmed their open interest positions by around 3K contracts on Thursday from Wednesday’s final 174,157 contracts. On the other hand, volume rose by more than 9.5K contracts.

GBP/USD negative below 1.4100

Yesterday’s strong drop in Cable has been in tandem with rising volume and shrinking open interest, although by irrelevant levels. The inconclusive activity in both open interest and volume allows spot to extend the consolidation, with gains clearly capped by the 1.4100 neighbourhood for the time being.