GBP Futures: Further downside lies ahead
Investors added nearly 28.5K contracts to their open interest positions and volume also rose for the fifth consecutive session on Friday, this time by around 5.8K contracts, according to advanced data from CME Group for GBP futures markets.
GBP/USD risks a drop to 1.2694, the 200-day SMA
Cable’s negative start of the week was amidst rising open interest and volume, signalling that further (and new) sellers are coming to the markets. That said, a move to the key 200-day SMA, today just below 1.27 the figure, should not be ruled out in the near-term.