GBP Futures: extra rangebound likely

In light of advanced data for GBP futures markets from CME Group, investors trimmed their open interest positions by almost 4.3K contracts on Thursday, reversing two consecutive daily builds. In addition, volume shrunk by nearly 6.5K contracts, extending the choppy activity.

GBP/USD upside limited by the 1.2400 area

Cable’s unclear price action on Thursday was in tandem with declining open interest and volume, adding to the broad lack of direction in the near term. That said, further consolidation remains well on the cards, likely between 1.2200 and 1.2380.