GBP futures: deeper pullback not ruled out

According to CME Group, flash figures for GBP futures markets saw open interest dropping by around 4K contracts on Wednesday vs. Tuesday’s final 185,123 contracts. On the other side, volume rose by nearly 4.3K contracts.

GBP/USD looks to BoE for direction

Cable’s drop on Wednesday has been in tandem with a decrease in open interest, indicative of liquidation of long positions. In the same line, the up tick in volume adds to a potential weaker scenario fore the Sterling in the near term.