GBP futures: further pullback not ruled out

Open interest in GBP futures markets dropped by more than 1.7K contracts on Wednesday from Tuesday’s final 211,137 contracts, according to advanced data from CME Group. In addition, volume rose by around 5.7K contracts.

GBP/USD could slip back to 1.3000

Yesterday’s pullback in Cable was amidst declining open interest and rising volume, allowing for the continuation of the consolidative theme although a retracement to the 55-day SMA, today at 1.2994, should not be ruled out. All eyes today and tomorrow on the EU Leaders Summit and Brexit.