GBP futures: remains sidelined near term

CME Group’s flash data for GBP futures markets noted open interest increased by just 28 contracts on Friday while volume rose by nearly 11.4K contracts, reversing two consecutive drops.

GBP/USD supported by 200-day SMA

Cable’s negative performance on Friday was on the back on rising volume and open interest (albeit by insignificant level). While further retracements are not ruled out, the area around the key 200-day SMA near 1.2980 should offer strong support for the time being.