GBP futures: extra consolidation likely

In light of the latest report from CME Group, preliminary figures for EUR futures markets showed investors added almost 1.2K contracts to their open interest positions on Friday from Thursday’s final 188,701 contracts. Volume, instead, decreased significantly by nearly 30K contracts.

GBP/USD holds on around 1.3050

The recent price action around Cable was on the back of an up tick in open interest and a sharp drop in volume, all adding to the erratic performance as of late. That said, spot is poised for a continuation of the sideline theme in the very near term and with the BoE event on Thursday as the exclusive risk event this week.