GBP Futures: Further downside not ruled out
In light of advanced data for GBP futures markets from CME Group, investors added more than 15K contracts to their open interest positions on Friday, recording the third consecutive build. In the same line, volume went up by nearly 58.1K contracts, clinching the fourth increase in a row.
GBP/USD looks supported near 1.2700
Cable’s negative price action on Friday was accompanied by rising open interest and volume, opening the door for extra losses in the next sessions. Against this backdrop, the 200-day SMA in the 1.2700 neighbourhood is expected to hold the selling impetus, at least in the short-term horizon.