GBP Futures: downside looks limited

Investors trimmed their open interest positions in GBP futures markets by almost 1.6K contracts at the beginning of the week. Volume followed suit and went down by near 140.5K contracts, recording the largest single day drop so far this year.

GBP/USD supported around 1.25

Cable tested and rebounded from the vicinity of the 1.25 handle on Monday against the backdrop of shrinking volume and open interest, hinting at the likeliness that a decent support remains in this region. At the same time, the door remains open for the continuation of the recent up trend, always tracking the developments from the Brexit process.