GBP futures: diminished odds for further decline

Pablo Piovano FXStreet

According to CME Group’s flash data, open interest in GBP futures rose by a meagre 91 contracts on Thursday vs. Wednesday’s final 208,134 contracts, recording the third consecutive increase at the same time. Furthermore, Volume decreased by more than 19K contracts.

GBP/USD faces some consolidation near term

Price action around Cable keeps showing some reluctance to break below recent lows in the mid-1.2900s for the time being, while the decline in open interest stays far from significant so far.

All in all, spot remains directionless in the near term, probably waiting for a stronger catalyst either from the domestic front (UK politics, Brexit) or overseas (USD-dynamics, CPI).

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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