GBP futures: upside appears limited

In light of preliminary data for GBP futures markets from CME Group, open interest dropped by around 8.3K contracts on Friday vs. Thursday’s final 251,920 contracts. In the same line, volume decreased by more than 35K contracts, reverting the previous build.

GBP/USD a top in place?

Cable seems to have resumed the downside in response to weaker-than-expected releases in the UK docket today. The recent drop in open interest and volume, coupled with ‘indecision’ candles in the last couple of sessions opens the door to some consolidation in the near term, while the probability that a top near 1.3480 has been place is increasing.