GBP futures: keeps looking south

Pablo Piovano FXStreet

Investors added nearly 6.5K contracts to their open interest positions on Thursday, reaching the fourth consecutive build, according to flash data from CME Group. On the other hand, volume went down by almost 21K contracts after three straight daily increases.

GBP/USD now targets 1.2770

The leg lower in Cable has been gathering extra steam in past sessions. Thursday’s negative price action was accompanied by rising open interest, leaving the door open for the continuation of the pullback to, initially, February lows in the 1.2770 region.

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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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