GBP futures: consolidation likely near term

Preliminary data for GBP futures markets from CME Group noted open interest dropped by almost 4.5K contracts on Monday vs. Friday’s 202,823 contracts. Volume followed suit, down sharply by around 103.6K contracts.

GBP/USD faces downside risks longer run

Cable has quickly shrugged off the hawkish tweak from the BoE at last week’s meeting, although it seems to have found some moderate support in the sub-1.3800 zone. Shrinking volume and open interest render any bullish attempts as tepid, while the prospects of extra gains appear capped by the spike post-BoE around 1.4070.