GBP Futures: further retracement unlikely

Open interest in GBP futures markets shrunk for the fourth consecutive session on Monday, this time by almost 6K contracts, in light of advanced figures from CME Group. In the same line, volume went down by nearly 13.8K contracts.

GBP/USD remains under heavy preassure

Cable’s uptick on Monday came in amidst declining open interest and volume, removing tailwinds for a more serious bullish attempt in the very near term. However, the persistent downtrend in open interest amidst negative price action suggests that a deeper pullback appears unlikely either, leaving the chance of extra consolidation well in place for the time being.