CME Group’s preliminary figures for GBP futures markets noted investors once again scaled back their open interest positions on Thursday, this time by nearly 2.8K contracts vs. Wednesday’s final 197,448 contracts. In the same line, volume shrunk by around 27.5K contracts.
GBP/USD stays supported around 1.3000
Cable is extending the sideline theme in line with the rest of its risk-associated peers amidst declining open interest and volume. That said, and coupled with the ongoing retracement, could allow for a potential squeeze higher in the near term. Further downside should meet strong support in the 1.3000 neighbourhood.