GBP futures: decline stays unabated

In light of CME Group’s flash data for GBP futures markets on Friday, investors scaled back their open interest positions by nearly 5.7K contracts from Thursday’s 186,330 contracts. Volume, instead, rose by more than 15K contracts.

GBP/USD attention remains on the 1.3260 area

Cable is extending last week’s drop to fresh lows in the 1.3300 neighbourhood. The down move is also fuelled by an increase in volume while declining open interest in tandem with falling prices keep pointing to liquidation of long positions.

Looking ahead, the next significant level for GBP/USD should be August’s tops in the 1.3260 area, which at the same time is reinforced by a Fibo retracement of the 2017 up move.