GBP futures: sidelined ahead of a move higher?

CME Group’s advanced figures for GBP futures markets noted open interest dropped by nearly 6.9K contracts on Tuesday from Monday’s final 184,006 contracts. Volume, instead, went up sharply by almost 37.8K contracts, reverting three consecutive pullbacks.

GBP/USD next target at 1.4280

Cable’s decline in the past couple of sessions has been amidst choppy activity in both open interest and volume, allowing for some consolidation in the short-term horizon, while pullbacks appear somewhat shallow. The pair could therefore attempt another visit to February’s tops around 1.4280.