GBP futures: sidelined near term

CME Group’s flash figures for GBP futures markets noted investors trimmed their open interest positions by nearly 2.6K contracts on Tuesday from Monday’s final 181,283 contracts. Volume followed suit, down significantly by almost 97K contracts.

GBP/USD strong support awaits around 1.3200

The recent down move in Cable has been in tandem with diminishing open interest and volume, rendering potential pullbacks as shallow and with the 1.3200 area offering formidable contention for the time being.