GBP futures: rangebound likely near term

CME Group’s preliminary data for GBP futures markets noted open interest rose by near 5K contracts on Friday vs. Thursday’s final 253,217 contracts. Volume, instead, decreased by around 18.5K contracts.

GBP/USD keeps the neutral/bearish theme

The recent up move in Cable was accompanied by increasing open interest and diminishing volume, allowing for some consolidation in the near term albeit leaving intact the broader bearish picture.