GBP Futures: remains cautious, looks to Brexit

Open interest in GBP futures markets shrunk for yet another session on Friday, this time by just 477 contracts according to preliminary data from CME Group. On the other hand, volume reversed the previous drop and rose by nearly 9.7K contracts.

GBP/USD faces increasing volatility this week

Cable’s leg lower in the second half of last week was on the back of shrinking open interest and choppy volume, removing some strength from the correction lower. Key events this week in the UK political scenario regarding Brexit should keep the Sterling volatile although within the recent range trade.