GBP Futures: door open for further decline

CME Group’s flash data for GBP futures markets showed investors added nearly 10.8K contracts to their open interest positions on Friday, extending the up trend for the seventh session in a row. Volume reversed the recent couple of drops and advanced by around 47K contracts.

GBP/USD remains under pressure near 1.2500

Cable’s leg lower breached the 1.2500 key support last Friday before rebounding. The bearish view, however, remains well in place amidst rising open interest and volume with the immediate target the 1.2500 neighbourhood and possibly below.