GBP futures: further gains look limited

CME Group’s preliminary figures for GBP futures markets noted investors scaled back their open interest positions by almost 4K contracts on Wednesday, recording the second drop in a row. Volume, too, shrunk significantly by around 88.3K contracts, prolonging the erratic performance.

GBP/USD faces relevant hurdle around 1.3200

Cable is extending the rebound for yet another session today, although the correction higher is accompanied by shrinking both open interest and volume, leaving small room for a sustainable move higher.