GBP futures: unclear, consolidation likely
GBP futures markets showed open interest dropped by more than 4.3K contracts on Tuesday vs. Monday’s 198,137 contracts. In the same direction, volume decreased by around 4.4K contracts, recording the third drop in a row.
GBP/USD based near 1.3800?
Cable seems to have carved a base in recent lows in the sub-1.3800 zone. The recent uptick appears in conflict with shrinking open interest and volume, leaving the scenario for a continuation of the consolidative theme in the very near term.