GBP futures: dips appear shallow

Open interest in GBP futures markets dropped by almost 3K contracts on Friday vs. Thursday’s final 202,184 contracts, according to advanced data from CME Group. In the same direction, volume contracted for the third session in a row, this time by near 11.2K contracts.

GBP/USD scope for a squeeze higher

Cable’s ongoing retracement was on the back of declining open interest and volume, leaving the door open for a potential bounce and subsequent resumption of the up move.