GBP Futures: bullish with caution

Open interest in GBP futures markets shrunk by around 4.7K contracts on Monday, reversing 4 consecutive drops according to advanced figures from CME Group. Volume, instead, extended the choppy performance and rose significantly by around 92.8k contracts.

GBP/USD remains volatile on Brexit, politics

Cable’s up move failed just ahead of the 1.2400 barrier at the beginning of the week. The bull run was in tandem with declining open interest, hinting at the likeliness that further gains beyond 1.2400 look unlikely for the time being. The erratic activity in volume also suggests that some consolidation is probable.