GBP futures: room for further decline

Pablo Piovano FXStreet

In light of advanced data for GBP futures markets from CME Group, open interest increased by almost 6.2K contracts on Thursday vs. Wednesday’s final 229,201 contracts. On the other hand, volume dropped by nearly 2.2K contracts.

GBP/USD now looks to 1.2591

Cable’s down move has now intensified after breaking below the 1.2800 key support, allowing for a potential visit to June’s 2017 low in the 1.2590 region following yesterday’s build in open interest and the marginal move in volume.

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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