GBP futures: a deeper pullback looks unlikely

Open interest in GBP futures markets shrunk by around 6K contracts on Wednesday vs. Tuesday’s final 203,012 contracts, extending the choppy performance, according to preliminary figures from CME Group. In the same line, volume decreased by around 46.5K contracts following two consecutive builds.

GBP/USD appears supported around 1.3000

Cable met some extra downside pressure today, although further losses should meet strong contention in the 1.3000 region amidst declining open interest and volume.