GBP futures: potential for a deeper decline
|CME Group’s advanced figures for GBP futures markets, open interest rose for the second session in a row on Monday, this time by around 2.1K contracts, from Friday’s 198,981 contracts. Volume, instead, dropped for the fourth consecutive session by almost 10.4K contracts.
GBP/USD next target at 1.3000
The gradual decline in Cable was in tandem with rising open interest, opening the door for a deeper pullback. However, the continuation of the downtrend in volume warns against the probable retracement.
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