GBP futures: rising odds for further retracements

Open interest in GBP futures markets shrunk markedly on Wednesday by nearly 51K contracts, as per advanced figures from CME Group. On the other hand, volume reversed five consecutive daily drops and rose by almost 51.7K contracts.

GBP/USD rebounds appear shallow

Cable’s negative performance on Wednesday was on the back of a significant decline in open interest and a moderate build in volume, leaving the scenario neutral/bearish for the time being.