GBP futures: further downside likely

Open interest in GBP futures markets dropped by just 854 contracts on Wednesday vs. Tuesday’s final 194,998 contracts, as per the latest advanced figures from CME Group. Volume, instead, increased by around 36.2K contracts, extending the erratic activity so far this week.

GBP/USD faces support at 1.2812, 55-day SMA

Yesterday’s negative performance in Cable was accompanied by irrelevant activity in open interest while volume reverted the previous drop. That said, a deeper retracement in GBP/USD could see the low-1.2800s tested, where sits the 55-day SMA.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.