GBP futures: cautious, further sidelining not ruled out

CME Group’s preliminary figures for GBP futures markets noted open interest extended its downtrend for another session and dropped by 667 contracts on Friday. In the same line, volume shrunk for the third session in a row, this time by around 12.1K contracts.

GBP/USD supported by 200-day SMA

Cable’s is prolonging the consolidative mood seen in past sessions amidst marginal moves in open interest and a persistent decline in volume. That said, the continuation of the rangebound theme is not ruled out in the near term, while the key 200-day SMA in the 1.2960 region should hold the downside.