GBP futures: cautious ahead of the BoE

Investors trimmed their open interest positions in GBP futures markets by almost 3.4K contracts on Monday vs. Friday’s 188,440 contracts, according to preliminary figures from CME Group. In the same direction, volume decreased by over 21K contracts.

GBP/USD a test of 1.30 appears unlikely

Monday’s up move in Cable was amidst dwindling open interest and volume, allowing for some cautiousness among traders in light of the upcoming BoE meeting on Thursday. In the meantime, the likelihood of a potential re-visit to the psychological 1.30 handle appears to have lost some momentum.