GBP futures: upside seems limited

According to CME Group’s preliminary figures for GBP futures markets, open interest dropped by around 1.2K contracts on Friday vs. Thursday’s final 197,795 contracts. On the other hand, volume extended the erratic activity and rose by nearly 7.4K contracts.

GBP/USD found support around 1.2800

Cable’s Friday strong rebound was on the back of rising volume and declining open interest. Occasional bullish attempts are thus expected to remain contained while extra rangebound is favoured.