GBP Futures: rangebound likely near term

Open interest in GBP futures markets increased for the eighth consecutive session on Monday, this time by nearly 1.1K contracts. On the other hand, volume extended the choppy performance and dropped by almost 58.3K contracts.

GBP/USD stays under pressure near 1.2500

Cable’s leg lower appears unabated for the time being and looks supported by increasing open interest. However, the erratic activity in volume could slow the pace of the decline and prompt spot to attempt some consolidation around current levels.