GBP Futures: upside looks unconvincing

CME Group’s flash data for GBP futures markets saw open interest shrinking by jus 203 contracts on Tuesday. On the other hand, volume increased by nearly 54.9K contracts following two straight drops.

GBP/USD remains capped by 1.2200

Cable is now extending the choppy trade amidst unclear direction in open interest and volume, leaving the scenario for further rangebound unchanged in the near term. That said, the 1.2200 neighbourhood keeps capping the upside, while a test of 1.20 (and below) remains well on the cards.