GBP futures: room for further decline

Advanced figures for GBP futures markets from CME Group noted open interest increased by just 181 contracts on Friday from the previous day. On the other hand, volume reversed two consecutive builds and shrunk by more than 47K contracts.

GBP/USD could now target 1.3000

Cable’s strong rebound on Friday was in tandem with another uptick albeit small one in open interest while volume retreated significantly. The door now appears open for a potential down move to the critical support at 1.3000 the figure in the near term.