GBP futures: extra rangebound likely

Open interest in GBP futures markets shrunk by nearly 1.9K contracts on Tuesday from Monday’s final 151,327 contracts, according to flash data from CME Group. On the other hand, volume went up by almost 32.7K contracts, reversing the previous drop.

GBP/USD appears supported near 1.3000

Cable keeps navigating the lower end of the recent range, so far well contained by the psychological 1.3000 handle. In the meantime, erratic activity in both open interest and volume allows for the continuation of the consolidative mood, while Brexit headlines appear to be taking a breather.