In light of preliminary figures for GBP futures markets from CME Group, investors kept trimming their open interest positions on Tuesday, now by around 3.8K contracts. Volume, instead, ticked up for the second straight session, now by almost 40K contracts.
GBP/USD still targets 1.30 and beyond
Cable continues to look to Brexit developments for direction. The ongoing correction lower from tops just above the key 1.30 the figure was in tandem with shrinking open interest, removing some tailwinds from the leg lower. On the other hand, the recent pick up in volume could keep fresh buyers at bay for the time being.
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