GBP Futures: further rangebound likely

CME Group’s preliminary data for GBP futures markets noted open interest increased by just 415 contracts on Monday, reversing two consecutive daily drops. Volume, instead, shrunk for the third session in a row, now by almost 10k contracts.

GBP/USD consolidates above 1.2450

Cable is looking to stabilize around the 1.2500 handle so far, amidst unclear direction in both open interest and volume. That said, recent lows in the mid-1.2400s keep offering contention while the continuation of the sideline theme looks the most likely scenario in the near term.