GBP futures: bullish attempts still a sell

In light of Wednesday’s preliminary figures for GBP futures markets provided by CME Group, open interest decreased by almost 1.1K contracts from Tuesday’s final prints at 213,496 contracts. In addition, volume dropped by nearly 6K contracts.

GBP/USD still bearish

Cable’s positive session on Tuesday was accompanied by declining open interest (bearish sign, points to short covering), which removed sustainability from the up move, leaving it expose to the prevailing bearish sentiment surrounding the Sterling.