GBP futures: supported below 1.2800

In view of advanced data for GBP futures markets from CME Group, open interest rose by more than 2K contracts on Friday vs. Thursday’s final reading of 224,033 contracts. Volume followed suit, up by more than 2.6K contracts.

Cable appears supported around 1.2770

Friday’s price action around Cable flirts with the idea that the Sterling could have carved a base vs. the greenback around 1.2770, or 2-month lows. The up tick was accompanied by increasing figures in both open interest and volume, giving some sustain to the move.

However, it is worth recalling that USD-dynamics have been almost the sole drivers behind Cable’s recent recovery, although Brexit headlines remains poised to weigh on any sustainable bullish attempt in GBP in the next months.