GBP futures: further rangebound likely

Preliminary figures for GBP future markets from CME Group noted open interest shrunk by just 110 contracts on Friday vs. Thursday’s final 226,814 contracts. In the same line, volume retreated by almost 14K contracts.

GBP/USD still looks to 1.2660

Cable’s positive rebound on Friday was amidst diminishing open interest and volume, removing some tailwinds from the prospects of a stronger rebound. That said, extra consolidation is not ruled out as well as a potential re-visit to YTD lows in the 1.2660 region.