CME Group’s flash data for GBP futures markets noted open interest rose for yet another session on Wednesday, this time by almost 6.5K contracts. On the opposite side, volume dropped for the second session in a row, this time by nearly 19.6K contracts.
GBP/USD keeps looking south
Cable remains well on the defensive for the time being. The persistent up trend in open interest along with the ongoing negative price action allows for extra pullbacks, although the moderate drop in volume could slow the pace of the descent.
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