GBP Futures: neutral/bearish in the short term

Open interest in GBP futures markets rose by more than 2K contracts on Friday, clinching the third build in a row. In the same direction, volume advanced for almost 17.5K contracts, the second consecutive build.

GBP/USD scope for a test of 1.2560

Cable failed in the 1/2740 region on Friday amidst rising open interest and volume. Against this backdrop, spot could grind lower and re-visit May lows in the 1.2560 region in the short-term horizon.