GBP Futures: potential consolidation lies ahead

Open interest in GBP futures markets rose by just 525 contracts on Monday, extending the erratic performance. On the other hand, volume dropped once again now by around 21.5K contracts, all according flash data from CME Group.

GBP/USD still holding on above 1.20

Cable has faded part of last week’s recovery and is now grinding lower amidst choppy activity in open interest and declining volume. Further rangebound now appears on the cards, while the case for a test of 1.20 and below remains well in place for the time being.