GBP futures: consolidation likely

Preliminary figures for GBP futures markets published by CME Group, noted investors trimmed their open interest positions by around 1.8K contracts on Friday vs. Thursday’s final 226,465 contracts, recording the first decrease after six consecutive builds. In the same direction, volume dropped by more than 22.6K contracts, recording the third consecutive drop.

GBP/USD could have bottomed around 1.3200

Recent price action in Cable has been on the back of rising volume, allowing for a continuation of the up move. However, shrinking volume could play against that view, leaving the door open for some consolidation in the near term.