GBP Futures: extra weakness looks likely near term

October 9, 2019 Off By admin-445

CME Group’s advanced data for GBP futures markets noted investors added around 3.2K contracts to their open interest positions on Tuesday, recording the second straight build at the same time. In addition, volume increased by nearly 47.9K contracts, reversing two consecutive drops.

GBP/USD stays under pressure on Brexit jitters

Cable’s drop on Tuesday was accompanied by rising open interest and volume, showing that fresh selling pressure returned to the markets on the back of the deterioration of the Brexit front. That said, there is scope for a deeper retracement in in the short-term horizon with the immediate target at 1.2013, August’s low.