In light of preliminary figures for GBP futures markets from CME Group, open interest rose by nearly 16.2K contracts on Wednesday from Tuesday’s final 205,778 contracts. Volume, instead, shrunk by around 63K contracts.
GBP/USD remains bearish near term
Following the recent weakness in the greenback, Cable is now advancing for the second straight session, regaining the 1.3300 handle and above after printing new YTD lows in the 1.3200 neighbourhood on Tuesday. The recent up move has been on the back of rising open interest while volume dropped significantly, leaving the door for a continuation of the squeeze higher albeit it should remain limited.
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