GBP Futures: Further correction on the cards

CME Group’s preliminary readings for GBP futures markets showed open interest increased for yet another session, this time by nearly 2.8K contracts. In the same line, volume rose for the second straight session, now by almost 6.4K contracts.

GBP/USD capped by the 200-day SMA

Cable’s leg lower was on the back of rising open interest and volume on Wednesday, opening the door for the continuation of the downtrend at least in the short-term horizon. That said, the next interim support emerges at a Fibo retracement (of the March drop) just above 1.2300.