GBP futures: sentiment remains weak

Pablo Piovano FXStreet

According to CME Group’s advanced figures for GBP futures markets, open interest rose for the seventh day in a row, this time by almost 7.6K contracts on Tuesday vs. Monday’s final 244,091 contracts. In the same line, volume partially reverted yesterday’s drop and rose by around 16.7K contracts.

GBP/USD door open for further pullbacks

Cable’s descent continues to be amidst rising open interest, a bearish sign that points to further downside in the near term. Tuesday’s pick up in volume reinforces this view, which should find immediate target in at 1.2675 (November 2016 high).

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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