GBP Futures: a deeper correction in the offing?

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CME Group’s preliminary data for GBP futures markets noted open interest increased for the second session in a row, now by nearly 13.1K contracts. In the same line, volume reversed the previous drop and rose by more than 100K contracts, the largest single day build since September 3rd.

GBP/USD risks a drop to 1.2200

Cable keeps correcting lower following recent tops in the upper-1.2300s. Wednesday’s down move was amidst increasing open interest and volume, showing that fresh sellers returned to the market. That said, a probable move to the 21-day SMA at 1.2217 should not be ruled out for the time being.

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