GBP futures: consolidative near term

CME Group’s flash data for GBP futures markets noted investors added more than 5.1K contracts on Thursday vs. Wednesday’s final 221,416 contracts. On a different view, volume decreased marginally by around 1.3K contracts.

GBP/USD dips appear shallow

Cable continues to navigate above the strong support in the 1.3200 neighbourhood. The continuation of the up trend in open interest and declining volume reinforces the idea that extra consolidation still remains on the cards for the time being.