GBP futures: consolidative/bullish near term

In light of CME Group’s advanced data for GBP futures markets, open interest dropped by around 74.5K contracts on Wednesday - the largest daily drop so far this year – vs. Tuesday’s 306,466 contracts. Volume, instead, rose by nearly 42K contracts, reverting the previous decrease.

GBP/USD could consolidate ahead of a probable test of 1.3364

Cable is prolonging the rally above 1.3200 the figure today. Wednesday’s ‘doji-like’ candle was on the back of a sharp decline in open interest and a moderate build in volume, allowing for some consolidation in the near term although a continuation of the up move to 1.3300 and above is not ruled out.