GBP futures: downside still limited

CME Group’s flash data for GBP futures markets noted investors trimmed their open interest positions by just 483 contracts on Thursday from Wednesday’s final 192,572 contracts, recording the sixth consecutive drop at the same time. Volume, instead, is extending the choppy trade and rose by nearly 29.4K contracts.

GBP/USD reluctant to drop further

Cable grinded lower on Thursday on the back of a better momentum in the greenback while a cautious stance in the domestic front still prevails ahead of next week’s key votes in the UK Parliament. Erratic volume and declining open interest leaves the door open for some consolidation in the near term, although bets for a deeper pullback remain low.