GBP futures: scope for further downside
|In light of preliminary figures for GBP futures markets from CME Group, investors added almost 7K contracts to their open interest positions on Wednesday, reaching the eighth consecutive build. On the other hand, volume kept the choppy activity and dropped by around 43.2K contracts, reversing the previous large build.
GBP/USD now looks to 1.2480
Cable keeps grinding lower and another build in open interest clears the way for further retracements as well as for a potential visit to 2018 lows in the 1.2480/75 band recorded in last December.
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.