GBP Futures: extra retracement likely

CME Group’s flash data for GBP futures markets showed investors added around 6.9K contracts to their open interest positions on Friday. Volume, instead, shrunk sharply by around 129.4K contracts, the largest single day drop since mid-March.

GBP/USD now targets 1.2476

Cable continues its march south sustained by the relentless build in open interest, while Brexit and UK political uncertainty keeps weighing on the Sterling. Immediately to the downside lies December’s low at 1.2476.