GBP futures: extra gains remain unlikely

In light of flash data from CME Group for GBP futures markets, traders increased their open interest positions by just 184 contracts vs. Wednesday’s 224,945 contracts. In addition, volume ticked higher by more than 17.7K contracts.

GBP/USD directionless in the near term

Price action around Cable stays far from clear for the time being. Flattening open interest and somewhat rising volume keep pointing to a continuation of the rangebound theme at least in the near term.

As usual, USD-dynamics and Brexit headlines as well as uncertainty around UK politics remain poised to the drive the sentiment around spot.