GBP futures: upside appears limited

CME Group’s advanced data for GBP futures markets showed open interest dropped by around 4K contracts on Friday vs. Thursday’s final 232,140 contracts. On the opposite side, volume increased by 31.4K contracts.

GBP/USD interim top in place?

Cable’s drop to multi-day lows on Friday was accompanied by diminishing open interest while volume rose significantly. Recent tops in the 1.3200 neighbourhood has been amidst Brexit (exaggerated?) optimism and USD weakness. That, coupled with diminishing open interest could add to the idea that GBP/USD could have carved a short-term top.