GBP Futures: Further retracement not ruled out
CME Group’s flash data showed investors added around 3.6K contracts to their open interest positions on Monday. Volume, instead, reversed the previous build and shrunk by around 37.5K contracts.
GBP/USD: Scope for a move below 1.30
Cable’s negative price action on Monday was accompanied by rising open interest and a decline in volume. That said, while some consolidation is probable in the short-term horizon, a drop and test of sub-1.30 levels should not be discarded for the time being.