GBP futures: bearish view unchanged

CME Group’s flash data for GBP futures markets noted open interest rose slightly by just 330 contracts on Friday vs. Thursday’s final 184,367 contracts. Volume, instead, fell significantly by more than 28K contracts.

GBP/USD now looks to 1.3300

Cable’s downside has accelerated as of late and is now recording fresh 2018 lows in the vicinity of the 1.3400 handle. Unconvincing increase in open interest makes no change in the current negative outlook, while the drop in open interest plays against a deeper pullback.