Open interest in GBP futures markets posted the largest single day build since July 16 on Friday, up by nearly 7.1K contracts. Volume, instead, dropped by around 20K contracts, prolonging the erratic performance.
GBP/USD in more than 2-year lows
Cable is extending the recent breakdown of the 1.2400 key support and is navigating levels last seen in March 2017 near 1.2360. Rising open interest favours the continuation of the leg lower along with persistent uncertainty in UK politics and Brexit. The choppy activity in volume, however, could slow the pace of the down move.
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