GBP futures: correction lower shaping up?

Pablo Piovano FXStreet

CME Group’s preliminary figures of GBP futures showed open interest rose by nearly 500 contracts on Tuesday vs. Monday’s final 200,262 contracts. On the other side, volume decreased for the third session in a row, this time by nearly 1K contracts.

GBP/USD looks downwards

Cable is now prolonging yesterday’s rejection from weekly tops in the vicinity of the 1.3100 handle, putting the 1.3000 key support to the test. Somewhat flattening open interest and declining price action should play against further gains on a sustainable basis in spot, although a persistent decline in volume could tilt the view towards some consolidation 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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