GBP futures: losing upside momentum

In light of flash figures for GBP futures markets from CME Group, investors trimmed their open interest positions by just over 100 contracts on Friday vs. Thursday’s 188,807 contracts. In the same direction, volume decreased by almost 20K contracts, recording the second consecutive drop.

GBP/USD: correction could re-test 1.38

Cable has started the week on a soft note, extending Friday’s correction lower after climbing to highs above the 1.4100 mark. Declining open interest since late January amidst choppy activity in volume leaves occasional bullish attempts tepid, while recent lows in the 1.3800 neighbourhood remain a magnet for bears in the near term.