GBP futures: neutral/bearish near term

CME Group’s preliminary data for GBP futures markets noted open interest increased by almost 5.4K contracts on Thursday from Wednesday’s final 143,396 contracts. On the other hand, volume reversed the previous build and dropped by nearly 9.2K contracts.

GBP/USD expected to hold around 1.3000

Yesterday’s sharp down move in Cable did not significantly echo in volume and open interest, leaving the door open for some consolidation while the key 1.3000 level is expected to hold the downside in the short-term horizon.