GBP Futures: upside remains limited

Investors reduced their open interest positions once again on Tuesday, this time by around 3.7K contracts in light of advanced data from CME Group. On the other hand, volume extended the erratic performance and rose by nearly 24K contracts after two consecutive drops.

GBP/USD keeps looking to Brexit for direction

Cable’s up move on Tuesday was once again fuelled by short covering, as noted by another decline in open interest. That said, extra gains appear somewhat limited for the time being, while the choppy activity in volume suggest some near term consolidation as well.