CME Group’s flash data for GBP futures markets noted investors trimmed their open interest positions by just 108 contracts on Friday, reversing two consecutive daily builds. Volume, instead, rose for the third day in a row, this time by almost 30K contracts.
GBP/USD: a near-term test of 1.30 loses traction
Cable’s drop on Friday was in tandem with rising volume while open interest interrupted the uptrend. That said, inconclusive activity from both open interest and volume leaves the neutral stance on GBP/USD unchanged for the time being, although a move lower to, initially, the 1.2770 region should not be ruled out.
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