GBP Futures: looks consolidative near term

Open interest in GBP futures markets extended the up trend on Monday, this time advancing by around 3.7K contracts. In the same direction, volume reversed two drops in a row and increased by around 28.3K contracts.

GBP/USD still scope for a move lower

Cable remains sidelined below the 1.2200 handle amidst a persistent rise in open interest and choppy performance in volume. That said, further consolidation looks the most likely scenario in the short-term horizon, although a move lower should not be ruled out.