GBP futures: direction unclear near term

Open interest in GBP futures markets rose by nearly 5K contracts on Monday vs. Friday’s final 207,984 contracts, according top flash data from CME Group. On another direction, volume shrunk by around 41K contracts, reverting the previous build.

GBP/USD faces strong resistance near 1.3200, looks to Brexit

Cable is losing ground for the second straight session today. The recent decline was on the back of rising open interest, allowing for the continuation of the down move in the short-term horizon. The sharp retreat in volume could remove some tailwinds from potential pullbacks, however.