GBP futures: downside loses traction

Open interest in GBP futures markets went down by around 2.8K contracts on Friday vs. Thursday’s final 211,617 contracts. Volume followed suit, down by more than 8.2K contracts and extending the choppy performance.

GBP/USD sidelined near term, eyes on Brexit

Cable’s drop on Friday was amidst declining open interest and volume, allowing for some recovery in the very near term although always within the broader consolidative theme. As usual, price action around the British Pound would exclusively be driven by Brexit headlines.