GBP futures: bearishness poised to continue

Open interest in GBP futures markets rose by around 12.4K contracts on Thursday from Wednesday’s final 193,745 contracts, according to advanced figures from CME Group. Volume followed suit, increasing significantly by almost 69.9K contracts.

GBP/USD now looks to 1.2958

Cable remains under pressure and is flirting with the psychological support at 1.3000 the figure. Yesterday’s drop was accompanied by an increase in both open interest and volume, allowing for a potential test of the mid-1.2900s in the near term, where lies 2018 lows.