According to preliminary figures for GBP futures markets from CME Group, open interest rose by more than 2.3K contracts on Thursday vs. Wednesday’s final 227,874 contracts. Volume followed suit, up by around 5K contracts, marking at the same time the fifth consecutive build.
GBP/USD under pressure, eyes 1.2700 and below
Cable remains under heavy pressure on Brexit concerns, which stays the exclusive catalyst of the price action. Increasing open interest and volume leaves the door open for further retracement with the next support in sub-1.2700 levels, October’s low.
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