GBP futures: further consolidation likely

According to CME Group’s flash figures for GBP futures markets, open interest rose by around 6.3K contracts on Thursday from Wednesday’s final 186,938 contracts. Volume followed suit, rising by more than 115.6K contracts, the largest build since February 8.

GBP/USD a test of 1.3458 remains on the cards

Cable briefly tested the vicinity of yearly lows in the 1.3460 region post-BoE on Thursday. The down move has been accompanied by rising open interest and volume. The bearish signal cannot be ignored, and while further consolidation is likely in the near term, another visit to the 1.3460 area is not ruled out.