Open interest in GBP futures decreased for the sixth session in a row on Thursday, this time by nearly 3K contracts vs. Wednesday’s final 208,517 contracts, according to advanced data from CME Group. In the same line, volume shrunk by more than 18.2K contracts, the second consecutive drop.
GBP/USD a correction lower in the offing?
Cable continues its march north unabated on the back of rising hopes on a ‘soft Brexit’ outcome. However, the persistent decline in volume and open interest removes sustainability from the rally and opens the door for a potential correction lower anytime soon.
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