Advanced data showed open interest in GBP futures markets rose by almost 8.6K contracts on Monday from Friday’s final 204,404 contracts, according to CME Group. Volume, instead, dropped by around 18.7K contracts, recording the second consecutive drop at the same time.
GBP/USD could probable slip back to 1.2900
The Sterling remains under heavy pressure and dragged Cable to print fresh 2018 lows in the 1.2920 area on Monday amidst a moderate uptick in open interest, which could allow subsequent pullbacks with initial target at the 1.2900 neighbourhood. Diminishing volume, however, could remove some sped from the down move.
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