GBP futures: scope for further retracement

Open interest in GBP futures markets shrunk by just 326 contracts on Wednesday from the previous session. Volume followed suit, down by 35.2K contracts, reversing the previous build and prolonging the erratic performance seen as of late.

GBP/USD focused on Brexit, faces next hurdle at 1.3140

Cable’s up move on Wednesday was accompanied by shrinking open interest and volume, hinting at the likeliness that further upside looks limited. Furthermore, GBP/USD faces next target at the 1.3140 region, coincident with the 21-day SMA.