GBP futures: U-turn near term?

Preliminary data for GBP futures markets showed open interest dropped by nearly 3.5K contracts on Wednesday vs. Thursday’s final 251,608 contracts, according to CME Group. In the same line, volume decreased by almost 4.3K contracts.

GBP/USD potential recovery lies ahead

Cable’s bearish sentiment remains well and sound, although yesterday’s drop in both volume and open interest allows for a probable recovery, reinforced at the same time by the oversold conditions of spot.