GBP futures: extra rangebound likely

In light of advanced figures for GBP futures markets from CME Group, investors added around 1.5K contracts to their open interest positions on Wednesday from Tuesday’s final 178,633 contracts. Volume, instead, dropped by 26K contracts, recording at the same time the second consecutive decrease.

GBP/USD still supported around 1.3200

Cable’s weekly leg lower has been on the back of shrinking volume and erratic activity in open interest, allowing for an extension of the current consolidation scheme and always paying close attention to the Brexit negotiations and headlines from PM May’s government.