GBP Futures: Cautiousness on the topside

CME Group’s preliminary figures for GBP futures markets noted investors trimmed their open interest positions by just 93 contracts on Wednesday, the sixth consecutive daily decline. Volume, too, went down by nearly 37K contracts.

GBP/USD still capped by 1.2500

Cable is extending the consolidative mood in the upper end of the range, always below the 1.2500 mark and amidst declining open interest and volume. That said, the cautious stance is expected to prevail for the time being while a move higher does not look imminent for the time being.