GBP Futures: Further consolidation in the pipeline

In light of flash data from CME Group, investors trimmed their open interest positions by just 467 contracts at the end of last week, reversing two builds in a row. On the other hand, volume increased by 38.3K contracts following two consecutive pullbacks.

GBP/USD stays supported near 1.2950

Cable has come under pressure in the last sessions. Friday’s move was on the back of a small drop in open interest and a moderate uptick in volume, leaving the idea that deeper retracements are unlikely in the near-term, while some rangebound mood could turn up instead.