GBP futures: upside lacks momentum

Advanced data for GBP futures markets noted open interest dropped by just 220 contracts on Tuesday vs. Monday’s final 221,391 contracts. On the other hand, volume rose by around 7.5K contracts, reverting two consecutive drops.

GBP/USD remains under pressure, eyes on 1.2920

Cable appears to be consolidating in the lower bound of the recent range amidst shrinking open interest and an uptick in volume. Despite further consolidation is likely, a test of October’s low at 1.2920 is not ruled out.