GBP futures: rising odds for further downside

Pablo Piovano FXStreet

Preliminary figures for GBP futures markets from CME Group saw open interest increasing for the sixth session in a row on Friday, this time by nearly 7.9K contracts. In the same direction, volume went up by around 18K contracts.

GBP/USD anticipates a test of 1.2670

Rising open interest and volume coupled with declining prices in Cable allows for the continuation of the down move in the near term, with immediate target at the 1.2670 region, January 15 lows.

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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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