GBP futures: extra pullbacks likely near term

According to flash figures for GBP futures from CME Group, investors added almost 4K contracts to their open interest positions on Monday vs. Friday’s final 178,643 contracts. Volume followed suit, up by around 127.5k contracts, the largest daily build so far this year.

GBP/USD: 1.3475/1.3500 remains a tough hurdle

Cable remains on the defensive following the sharp drop from tops in the 1.3360 area seen yesterday, exclusively on the resurgence of Brexit concerns and some pick up in the demand for the buck. Rising volume and open interest should allow for a deeper retracement in the near term.