GBP Futures: correction could extend further

Open interest in GBP futures markets dropped by just 8 contracts on Friday according to flash data from CME Group. Volume, instead, rose for the second straight session, now by almost 12.7K contracts.

GBP/USD could head towards 1.2400

Cable is extending the leg lower on Monday amidst Friday’s increase in volume and choppy activity in open interest. Therefore, further correction to, initially, last Monday’s low in the 1.2400 neighbourhood should stay in the pipeline for the time being.