GBP futures: further weakness in the pipeline

CME Group’s advanced figures for GBP futures markets noted open interest shrunk by just 142 contracts on Tuesday from Monday’s final 236,144 contracts. On the other hand, volume rose for the third consecutive session, this time by almost 48.8K contracts.

GBP/USD targets 1.2660

Cable remains on the defensive today, navigating its fifth day with losses and breaking below the key support at 1.2700 the figure. The important build in volume along with declining prices hints at the likeliness of a visit to YTD lows in the 1.2660 region in the short term.