GBP futures: bearishness far from abated

Preliminary figures of GBP futures markets provided by CME Group saw open interest rose by around 9K contracts on Wednesday from Tuesday’s final 188,087 contracts. Volume, instead, dropped by almost 35.4K contracts.

GBP/USD now looks below 1.3000

Cable keeps the downward trend unchanged so far this week, dropping to fresh 2018 lows in sub-1.3000 levels amidst rising open interest, which should leave room for extra decline in the near term. Shrinking volume, however, could prompt spot to attempt a consolidative theme ahead of further losses.