GBP Futures: Bullish with caution

CME Group’s flash readings saw open interest rising by around 3.4K contracts on Wednesday, extending the erratic activity for yet another session. Volume, instead, reversed two consecutive daily builds and went down by more than 11K contracts.

GBP/USD risks some consolidation near-term

Cable’s moderate advance on Wednesday was on the back of rising open interest amidst the broader inconclusive trend, while volume ticked higher. That said, while extra upside should not be ruled out, it seems GBP/USD could move into a consolidative phase in the next sessions.