GBP futures: door open for extra pullbacks

Pablo Piovano FXStreet

According to CME Group’s flash figures for GBP future markets, investors added almost 16.5K contracts to their open interest positions on Tuesday vs. Monday’s final 253,422 contracts. Volume followed suit, increasing by around 48.3K contracts, the second consecutive build and the largest since May 29.

GBP/USD could re-visit 1.3300

Cable’s leg lower has been in tandem with rising open interest and volume, a bearish sign that could see the downside intensified along with another visit of YTD lows in the 1.3300 neighbourhood in the near term horizon.

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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