CME Group’s preliminary data for GBP futures markets showed open interest rose by around 1K contracts on Thursday vs. Wednesday’s final 183,523 contracts. In the same line, volume reverted the previous drop and increased by around 7.8K contracts.
GBP/USD scope for further weakness alleviated
Cable is extending the multi-session sideline theme today around 1.3500 the figure amidst increasing open interest and volume. That said, despite the broader bearish scenario, GBP/USD faces some extra consolidation in the near term while the probability of further pullbacks appears mitigated.