GBP futures: strong support lies at 1.30

Advanced figures for GBP futures markets provided by CME Group saw open interest decreasing by around 500 contracts on Wednesday from Tuesday’s final reading at 200,812 contracts. This is the third consecutive contraction in open interest so far, while volume dropped by more than 48K contracts.

Cable shows resiliency above 1.30

The recent decline in Cable from fresh tops beyond 1.3100 the figure has been in tandem with diminishing open interest and volume, removing sustainability behind the down move and allowing dip-buyers to gear up for fresh entries.

Risks to this view come from the UK political side, with uncertainty around Brexit and the future of PM T.May still far from abated.