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GBP futures markets showed investors trimmed their open interest positions by almost 5K contracts on Monday from Friday’s final 213,817 contracts, according to preliminary data from CME Group. In the same direction, volume dropped sharply by around 55.3K contracts after two consecutive pullbacks.

GBP/USD poised to extend the consolidation

Cable‘s yesterday pullback was in tandem with diminishing open interest and volume, hinting at the likeliness that further retracements could be shallow. As always, price action around the British Pound would hinge almost exclusive on the progress (or lack of it) in the Brexit negotiations.