GBP Futures: scope for extra consolidation

CME Group’s preliminary data for GBP futures markets noted investors added around 2.5K contracts to their open interest positions on Monday, extending the choppy activity. Volume, instead, shrunk for the second session in a row, now by nearly 58.4K contracts.

GBP/USD tough hurdle lines up at 1.2300

Cable’s pullback at the beginning of the week was on the back of rising open interest and declining volume, leaving the scenario unclear and thus further consolidation is most likely in the near term at least, and always with Brexit headlines as the exclusive driver of the price action.