GBP futures: downside poised to accelerate

In view of CME Group’s flash data for GBP futures markets, open interest rose by nearly 3.1K contracts on Wednesday vs. Tuesday’s final 190,296 contracts. On the flip side, volume drooped by around 15.4K contracts.

GBP/USD could re-visit 1.2957

Cable is dropping to fresh multi-day lows in sub-1.3100 levels today amidst rising open interest, which could allow for a deeper retracement to, initially, the psychological support at 1.3000 the figure ahead of 1.2957, YTD lows. However, the recent drop was on the back of diminishing volume, which could remove some tailwinds from the down move.