GBP Futures: bearish note still prevails

Pablo Piovano FXStreet

According to preliminary data from CME Group for GBP futures markets, investors added just 143 contracts to their open interest positions, reaching the fifth consecutive build. In the same direction, volume reversed three consecutive drops and gained almost 21.7K contracts.

GBP/USD still looks to 1.2480

Cable’s decline has faltered just ahead of the 1.2500 handle so far. However, fresh GBP sellers keep turning up as shown by rising open interest and volume, leaving the chance of a visit to December lows in the 1.2480 intact in the near term.

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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