GBP futures: neutral/bearish for now

In light of advanced data for GBP futures markets from CME Group, open interest rose by around 1.5K contracts on Friday vs. Thursday’s final 192,497 contracts. On the flip side, volume retreated by more than 18.4K contracts, recording the second drop in a row.

GBP/USD cautious around 1.3540

Cable’s leg lower briefly tested the vicinity of 1.3480 on Friday and is now looking to stabilize around the critical 200-day sma near 1.3540. Increasing open interest and choppy volume leaves the door open for some consolidation in the near term horizon, although there is still room for another visit to recent lows in the sub1.3500 zone.