GBP futures: downside still has legs

In light of advanced data from CME Group for GBP futures, open interest decreased by more than 4.1K contracts on Wednesday from Tuesday’s 195,509 contracts. Volume, on the other hand, rose by more than 7.6K contracts.

GBP/USD looking for a base

The persistent selling pressure around Cable stays unchanged so far this week. In fact, declining prices coupled with diminishing open interest points to further liquidation by GBP-longs, while the up tick in volume in this context add to the bearish prospects for the pair.

All the attention today will be on the BoE 2-day event and the joint press conference between EU and UK officials regarding Brexit negotiations.