CME Group’s flash data for GBP futures markets noted investors scaled back their open interest positions by around 1.1K contracts on Wednesday from Tuesday’s final 228,327 contracts. Volume kept the down trend unchanged, this time dropping by nearly 15.3K contract and recording the fourth drop in a row.
GBP/USD a squeeze higher is not ruled out
Cable is navigating the lower bound of the weekly range just below 1.2800 the figure so far. Yesterday’s move was in tandem with declining open interest and volume, leaving the door open for the possibility of a rebound in the near term.