GBP futures: up ticks remain a sell

In light of advanced data for GBP futures markets from CME Group, traders scaled back their open interest positions by nearly 1.3K contracts on Friday vs. Thursday’s 185,325 contracts. On the other hand, volume rose by more than 25K contracts.

GBP/USD could revisit 1.3030

Cable’s recent price action has been in tandem with a decline in open interest, signaling the likeliness of further bearishness ahead. Despite the increase in volume, occasional rallies appear as selling opportunities for the time being.

As usual, Brexit headlines and the progress (or lack of it) from the UK-EU negotiations should stay on top of the GBP-drivers in the next months, as well as any shift in the BoE’s stance.