GBP futures: extra rangebound likely near term

Advanced data for GBP futures markets from CME Group showed investors trimmed once again their open interest positions by nearly 1.9K contracts on Tuesday from Monday’s final 144,846 contracts. Volume followed suit, down for the third consecutive session, this time by around 3.5K contracts.

GBP/USD points to further consolidation

There is no clear direction around Cable so far this week. That said, shrinking open interest and volume should add to this view and allow for the continuation of the consolidation around current levels and always looking to Brexit developments for near term direction.