GBP Futures: neutral bearish near term

CME Group’s flash data for GBP futures markets noted open interest increased for the fourth straight session on Monday, this time by just above 1K contracts. On the other hand, volume shrunk for the third day in a row, now by around 43.5K contracts.

GBP/USD keeps looking to 1.2480

Cable remains well on the downside so far this week. Yesterday’s negative price action came in tandem with rising open interest, which should keep on the table a potential drop to December 2018 lows in the 1.2480 region. The important drop in volume, however, could also spark some consolidation around current levels.