GBP futures: looking for a base

In light of flash data for GBP futures markets from CME Group, open interest dropped by around 1.5K contracts on Wednesday from Tuesday’s final 188,802 contracts. Following suit, volume decreased by more than 24k contracts.

GBP/USD a test of 1.3458 lost momentum

Cable is prolonging the multi-day sideline theme on Thursday amidst erratic price action and declining volume and open interest, opening the door for a continuation of the current consolidative mood while the probability of a test of 1.3458 appears mitigated for the time being. Today’s BoE event should prove crucial for the near-to-medium term price action for the Sterling.