GBP Futures: The downtrend loses momentum
Investors scaled back their open interest positions by nearly 57.8K contracts on Wednesday, reversing seven consecutive daily builds, according to flash data from CME Group. On the other hand, volume increased by around 41.6K contracts after three consecutive pullbacks.
GBP/USD does not rule out extra weakness
Cable came under strong selling pressure on Wednesday on the back of solid USD-strength. The leg lower was accompanied by declining open interest, hinting at the probability that the downtrend could be losing some momentum despite another visit to recent lows should not surprise anyone.