GBP futures: scope for extra downside
In view of Thursday’s preliminary figures for GBP futures, investors added to their open interest positions more than 11.6K contracts to 192,607 contracts, the largest level since September 26, according to CME Group. In addition, volume rose by more than 143.7 contracts, to the highest level since September 15.
GBP/USD could still test 1.3000 and below
Cable’s yesterday sharp retracement has been in tandem with an increase in both open interest and volume by significant figures, all representing an intensification of the bearish note.
In this regard, and with US non-farm payrolls next on tap, the likeliness of a visit to the psychological 1.3000 handle is not ruled out, specially on a positive surprise.