GBP futures: Extra losses stay on the cards

Pablo Piovano FXStreet

Open interest in GBP futures markets rose for the seventh session in a row on Tuesday, this time by around 4.7K contracts, according to advanced figures for CME Group. In the same line, volume posted the largest single day build since March 29, all amidst the broader erratic performance.

GBP/USD focused on 1.2670

Cable’s downside remains unabated around the 1.2700 handle so far. Rising volume and open interest amidst declining prices carry the potential to drag GBP/USD lower with the immediate target at the 1.2670 region, mid-January lows.

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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