GBP futures: struggling for further gains

According to Monday’s preliminary figures for open interest in GBP futures markets provided by CME Group, traders added more than 2.4K contracts to Friday’s final reading of 197,925 contracts. Yesterday’s figures showed the first build in open interest since July 17. Volume dropped for the second consecutive session, this time by almost 9K contracts and below the monthly average.

GBP/USD: further rangebound likely

Cable has been advancing for two straight sessions and is struggling for direction today. However, spot managed to regain the psychological 1.3000 handle and above, while the 1.3050 region (Monday’s tops) appears a tough hurdle for the time being. Yesterday’s test of 1.3050 and the subsequent pullback, coupled with the up tick in open interest suggests that sellers may be clustering in the area, reinforcing it. All in all, GBP/USD is seen in a consolidative mood in the near term, with decent support around 1.2970.