GBP futures: consolidative/bullish near term

Pablo Piovano FXStreet

In light of CME Group’s flash data for GBP futures markets, traders trimmed their open interest positions by nearly 2.7K contracts on Monday from Friday’s final 254,569 contracts. On the opposite side, volume posted its second build in a row, this time by around 59K contracts.

GBP/USD remains volatile on Brexit

Cable’s uptick on Monday was sustained by increasing volume against the backdrop of a persistent decline in open interest. That said, further consolidation and probable gains are not ruled out, although the lower pen interest could remove tailwinds from that idea. As usual, GBP remains highly vulnerable to Brexit headlines.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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