According to advanced data for GBP futures markets from CME Group, open interest increased for yet another session on Monday, this time by almost 13K contracts, the largest single-day build so far this year. In the same line, volume rose by around 57.9K contracts.
GBP/USD door open for extra decline
Cable is already trading in 2-year lows in the mid-1.2100s at the time of writing, always on the back of the deteriorated scenario around Brexit. Rising open interest and volume leaves room for a deeper retracement that should meet the next support at 2017 lows at 1.1986 (January 16).
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