GBP Futures: neutral/bearish near term

Pablo Piovano FXStreet

According to preliminary figures from CME Group, investors trimmed their open interest positions for yet another session on Friday, now by around 4.5K contracts, Volume, instead, reversed three consecutive drops and rose by almost 8.3K contracts.

GBP/USD focused on 1.2000... and below

Cable is trading closer to the critical support at 1.2000 the figure pari passu with speculations of a ‘hard Brexit’ outcome at the end of October. Declining open interest amidst falling prices could remove some tailwinds from the leg lower in the near term, although the attention remains well on 2017 lows in the 1.1990/85 band.

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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