GBP Futures: Scope for further retracement

Open interest in GBP futures markets went up by more than 1K contracts at the end of last week, advancing for the second session in a row according to flash data from CME Group. Volume, too, rose by around 5.6K contracts, prolonging the inconclusive performance seen as of late.

GBP/USD could test the 1.2770 area

Cable’s drop to new YTD lows on Friday was accompanied by increasing open interest and volume, allowing for the continuation of the downtrend to, potentially, November’s low at 1.2768 in the near-term.

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