GBP futures: bearish with caution

CME Group’s preliminary figures for GBP futures markets noted open interest rose by around 6.1K contracts on Monday vs. Friday’s final 230,101 contracts. Volume followed suit, up by nearly 14.5K contracts.

GBP/USD shifted its focus to 1.2660

Cable’s negative session at the beginning of the week was on the back of rising open interest and volume, suggesting that the decline could gather extra pace in the near term. Having tested recent lows in the 1.2700 neighbourhood, GBP/USD now targets the area of YTD lows near 1.2660.