GBP futures: consolidative near term

In light of the preliminary figures for GBP futures markets from CME Group, open interest dropped significantly by almost 69.4K contracts on Wednesday vs. Tuesday’s final 272,224 contracts. Volume, instead, rose by more than 40.4K contracts.

GBP/USD points to further range bound

Cable’s ‘indecision’ candle on Wednesday came along with a sharp drop in open interest by nearly 70K contracts despite the increase in volume by over 40K contracts.

The recent price action coupled with activity in open interest leaves the door open for further consolidation around current levels, while fresh cycle tops beyond 1.3600 the figure still remain a significant barrier.