GBP futures: looking for a base?

In light of GBP futures markets from CME Group, investors trimmed their open interest positions by nearly 4.4K contracts on Monday from Friday’s 187,299 contracts. Volume followed suit, down by around 38K contracts and recording the second drop in a row.

GBP/USD faces strong support around 1.3700

Cable’s sharp sell-off seems to have decelerated for the time being against the backdrop of shrinking both open interest and volume. That said, GBP/USD could be looking to carve a base that could well coincide with 1.3712 (low March 1).