GBP futures: downside losing traction?

Investors trimmed their open interest positions in GBP futures markets by almost 1.3K contracts on Thursday from Wednesday’s final 190,021 contracts, according to advanced data from CME Group. Volume, instead, rose by nearly 11.5K contracts, reverting the previous drop.

GBP/USD a test of 1.2950 appears unlikely so far

Recent price action in Cable was amidst shrinking open interest and rising volume, leaving the scenario ripe for some extra consolidation in the near term. Despite deeper pullbacks are not ruled out, a test of 2018 lows in the mid-1.2900s appears not favoured for the time being.