GBP futures: potential U-turn?
In light of advanced data for GBP futures markets from CME Group, traders scaled back their open interest positions by almost 1.8K contracts on Tuesday vs. Monday’s final 204,608 contracts. In the same direction, volume dropped by more than 81K contracts.
GBP/USD cautious on Brexit
Recent decline in Cable has been amidst declining open interest and volume, all indicative of the likelihood of a U-turn ahead. Brexit headlines remain the exclusive driver for the pair’s price action in the meantime, with the meeting between T.May and J.C.Juncker grabbing all the attention in the very near term.