GBP futures: upside could lose momentum

In light of advanced data for GBP futures markets from CME Group, open interest rose by just 321 contracts on Monday vs. Friday’s 257,866 contracts. On another direction, volume decreased by more than 35.1K contracts, recording the second consecutive daily drop.

GBP/USD could struggle above 1.2900

Cable appears to be extending its multi-session consolidative theme so far, while the irrelevant activity in open interest and declining volume opens the door for a resumption of the bearish trend.