GBP futures: appears neutral/bearish near term

CME Group’s preliminary figures for GBP futures markets noted open interest shrunk by just 594 contracts on Tuesday from Monday’s final 228,781 contracts. Volume, as well, dropped by almost 4.3K contracts, recording the third drop in a row.

GBP/USD it’s all about Brexit

Cable’s direction appears unclear amidst choppy activity in both open interest and volume. That said, some consolidation is likely in the short-term horizon, while a pullback to test October’s low around 1.2700 is not ruled out.