GBP futures: rangebound likely near term

CME Group’s preliminary data for GBP futures markets noted open interest increased by almost 460 contracts on Tuesday from Monday’s 189,888 contracts. In the same line, volume increased by nearly 33.2K contracts.

GBP/USD still capped by 1.3252/73

Cable continues to consolidate within the familiar range amidst a small build in open interest and a moderate uptick in volume. In the meantime, spot appears offered while below the 1.3252/73 band, where is located the 55-day SMA, the base of the daily cloud and the short-term resistance line off 1.1853.