GBP Futures: further sideline trade on the cards

Open interest in GBP futures markets rose for the third consecutive session on Thursday, now by almost 4.3K contracts according to flash data from CME Group. Volume followed suit and rose by nearly 20K contracts, prolonging the choppy activity.

GBP/USD appears consolidative above 1.2400

Cable is seen extending the consolidation above recent lows in the 1.2400 neighbourhood amidst rising open interest and volume coupled with the lack of a clear direction in prices.