GBP futures: neutral/bullish near term

Open interest in GBP futures markets shrunk by around 29K contracts on Friday from Thursday’s final 344,846 contracts, according to CME Group’s advanced data. Volume followed suit and decreased significantly by nearly 243.6K contracts, the largest drop so far this year.

GBP/USD ready to visit 1.3100 and above

Cable’s daily pullback on Friday was on the back of shrinking volume and open interest, removing tailwinds from the move and instead allowing for a resumption of the bull run to, initially, the 100-day SMA at 1.3174.