GBP futures: bearish sentiment unchanged

Pablo Piovano FXStreet

Recent figures in GBP futures markets showed traders increased their open interest positions by more than 1.5K contracts on Thursday vs. Wednesday’s 212,192 contracts. On the other hand, volume decreased by more than 22K contracts, recording the second drop in a row and the third so far this week.

GBP/USD in range near recent lows

Cable’s price action stays sidelined for the time being, navigating the lower bound of the range around 1.2900 the figure. The recent decline in open interest coupled with yesterday’s drop in prices leaves scarce room for a sustained bullish attempt, although the lower activity in volume also caps the downside somewhat.

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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