GBP futures: trend unconvincing, rangebound likely

Open interest on GBP futures market decreased by nearly 1.5K contracts on Thursday from Wednesday’s 197,849 contracts, according to CME Group’s preliminary data.

Further sideline expected

Recent tops in GBP/USD above 1.3030 were not accompanied by a noticeable move in volume, while the subsequent correction lower stayed shallow and open interest continued to flatten.

Looking ahead, a clear trend still remains elusive in the near term, while further consolidation emerges as the most likely scenario for the next sessions at least. While 1.3030 seems to cap the upside, decent support lies in the upper-1.2800s for the time being.