GBP Futures: neutral bearish near term
|CME Group’s flash data for GBP futures markets noted open interest increased for the fourth straight session on Monday, this time by just above 1K contracts. On the other hand, volume shrunk for the third day in a row, now by around 43.5K contracts.
GBP/USD keeps looking to 1.2480
Cable remains well on the downside so far this week. Yesterday’s negative price action came in tandem with rising open interest, which should keep on the table a potential drop to December 2018 lows in the 1.2480 region. The important drop in volume, however, could also spark some consolidation around current levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.