GBP Futures: room for further retracement
|Open interest in GBP futures markets rose once again on Wednesday, this time by nearly 13.9K contracts, the largest single-day build so far this year according to flash data from CME Group. Volume rose too, now by around 21.5K contracts, reaching the third build in a row.
GBP/USD stays focused on 1.1985, 2017 lows
The leg lower in Cable remains sustained by increasing open interest and volume, allowing at the same time further pullbacks to, initially, the 2017 lows in sub-1.2000 levels. The Sterling is seen under intense pressure in response to rising likeliness of a Brexit ‘no deal’ scenario.
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