GBP Futures: Downside looks shallow

Pablo Piovano FXStreet

CME Group’s flash data for GBP futures markets noted investors scaled back their open interest positions by just 180 contracts on Monday, reversing six builds in a row. In the same line, volume prolonged the erratic performance and dropped by around 13.1K contracts.

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Monday’s negative price action in Cable was on the back of shrinking open interest and volume, hinting at the probability that the corrective downside could be losing momentum. However, a test of the monthly low in the 1.2160/65 band still remains on the table for the time being.

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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