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.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.