GBP futures: appears corrective near term

CME Group’s advanced data for GBP futures markets showed open interest decrease by more than 3.3K contracts on Friday from Thursday’s final 201,709 contracts. Volume followed suit, down by around 9.5K contracts.

GBP/USD still vulnerable below 1.3300, 55D-SMA

Cable is correcting higher after hitting fresh yearly lows in the proximity of 1.2950 last Thursday, always on the back of renewed USD-selling. The up move, however, has been accompanied by diminishing volume and open interest, hinting at the likeliness that further recovery could lack of legs.