GBP futures: looking for a base?

Investors trimmed their open interest positions by just 721 contracts on Wednesday from Tuesday’s final 210,495 contracts, according to CME Group. In addition, volume dropped for the third session in a row, this time by nearly 6K contracts.

GBP/USD downside losing momentum

Cable is prolonging the leg lower following the broader downbeat tone in the risk-associated universe, while yesterday’s drop in open interest and volume hints at the probability that spot could be carving a base.