GBP futures: still looking south

CME Group’s advanced data for GBP futures markets showed open interest ticking higher by almost 320 contracts on Thursday from Wednesday’s final 194,336 contracts. On the other hand, volume shrunk for the first time after three consecutive builds, this time by around 19.5K contracts.

GBP/USD targets 1.3300… and below

Cable’s bearish stance remains intact for the time being. Thursday’s positive performance has been in tandem with a marginal raise in open interest and lower volume, prompting traders to expect the downside pressure to prevail in the short-term horizon.