GBP futures: downside appears limited

Open interest in GBP futures markets dropped by just 801 contracts on Monday vs. Friday’s 216,786 contracts, according to flash data from CME Group. In the same line, volume, dropped for the first time after three consecutive builds, this time by nearly 10.8K contracts.

GBP/USD supported in the 1.3000 neighbourhood

Monday’s indecisive performance by Cable was accompanied by diminishing open interest and volume. That, plus decent support around the 1.3000 neighbourhood hints at the likeliness of a probable bounce in GBP/USD in the very near term.