GBP futures: cautious near term

Advanced figures for GBP futures markets from CME Group noted open interest dropped by almost 6.6K contracts on Friday vs. Thursday’s final 236,267 contracts. In the same line, volume shrunk for the first time after three consecutive builds, this time by almost 100.1K contracts.

GBP/USD upside capped near 1.3050

Cable’s pullback on Friday halted around the mid-1.3000s amidst diminishing open interest and volume, leaving this area as an important near term hurdle. As always, attention remains on Brexit headlines as the exclusive driver of the price action around Sterling.