GBP futures: correction lower limited

CME Group’s preliminary data for GBP futures markets noted open interest shrunk after two consecutive builds, this time by almost 4.8K contracts. In the same line, volume dropped by more than 4K contracts, recording the second pullback in a row.

GBP/USD knee-jerk seen short-lived

Cable is correcting lower after hitting fresh multi-month peaks above 1.3300 the figure earlier in the week. However, shrinking open interest and volume have removed tailwinds from a probable deeper correction, leaving the door open for a resumption of the up move in the near term.