GBP futures: points to further rangebound

In light of Friday’s preliminary figures from CME Group, traders scaled back their open interest positions by over 3.8K contracts from Thursday’s 203,981 contracts, while volume rose by nearly 71.8K contracts.

GBP/USD probable interim top above 1.3600

Open interest and volume decreased throughout last week, while price action showed some sort of consolidative theme, all adding to the view that Cable could have carved an interim top beyond 1.3600 the figure.

Further sideline trading is thus expected in the near term, although another round of Brexit talks (starting today) and UK political uncertainty remain the key drivers for the pair’s price action.