GBP futures: diminished odds for further decline

CME Group’s preliminary data for GBP futures markets saw open interest rising by more than 1.3K contracts on Tuesday vs. Monday’s final 182,818 contracts. Following suit, volume rose by just 973 contracts, reverting two consecutive daily drops.

GBP/USD finds support near 1.3900

Cable is looking to consolidate in the lower bound of the recent range below the 1.40 milestone and so far supported by the boundaries of 1.3900 the figure. The recent move in GBP/USD has been accompanied by an uptick in volume and open interest, adding to the view that sellers could find it difficult to push spot lower for the time being.