GBP Futures: scope for a correction lower

Pablo Piovano FXStreet

Open interest and volume in GBP futures markets increased on Thursday by around 2.4K contracts and 11.5K contracts, respectively, as per advanced readings from CME Group.

GBP/USD risks a test of 1.2770

Cable’s drop on Thursday was on the back of rising open interest and volume, a sign that fresh sellers are entering the markets. That said, the door is now open for a deeper retracement with the next relevant target at monthly low near 1.2770.

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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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