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GBP futures: potential consolidation near term

FX Street
Updated:

In light of flash data for GBP futures markets from CME Group, investors added around 6.5K contracts to their open interest positions on Thursday vs. Wednesday’s final 246,740 contracts. Volume, instead, dropped by almost 1.7K contracts.

GBP/USD keeps the neutral/bearish bias

Cable is attempting a consolidative theme around the 1.2700 handle, coming up after recording fresh 2018 lows in the 1.2260 region on Wednesday. The recent uptick in open interest and diminishing volume allows for some consolidation in the short-term horizon, although the broader bearish view appears unchanged for the time being.

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