GBP Futures: bearish with caution

Open interest in GBP futures markets shrunk for the third session in a row on Thursday, this time by just 293 contracts as per advanced data from CME Group. Volume, instead, rose by almost 41.8K contracts, extending the erratic performance.

GBP/USD risks further downside

Cable accelerated its correction lower on Thursday on the back of a dovish BoE. The lack of a clear direction in volume along with irrelevant figures from open interest in past sessions opens the door for some consolidation in the near term although a deeper retracement to sub-1.2800 levels should not be ruled out.