GBP futures: potential for a deeper decline

Pablo Piovano FXStreet

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.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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