GBP futures: extra rangebound likely

CME Group’s advanced data for GBP futures markets showed investors scaled back their open interest positions by more than 3K contracts on Wednesday while volume also shrunk by around 5.3K contracts.

GBP/USD faces further consolidation

Cable is now prolonging the sideline theme in the lower bound of the recent range amidst declining open interest and volume. Despite a breakdown of the 1.2000 handle remains on the radar, some near term consolidation is more likely in the short-term horizon.