GBP futures: scope for further downside

Wednesday’s flash figures in GBP futures provided by CME Group saw open interest advancing by 796 contracts, up from Tuesday’s final reading at 208,091 contracts. Volume followed suit, up by more than 6.5K contracts.

GBP/USD liquidation expected to continue

The selling bias around the Sterling has dragged Cable to as low as the mid-1.2900s this week. Further (and deeper) pullbacks still remain on the cards, as the decline since the start of August has been in tandem with dwindling open interest (signaling liquidation of long positions) and volume has increased in the last couple of sessions.