GBP futures: room for further decline

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.