GBP futures: one-way move so far

CME Group’s flash data for GBP futures saw open interest increasing by more than 2.5K contracts on Wednesday vs. Tuesday’s final reading at 216,494 contracts. Volume remains choppy, this time decreasing by more than 1K contracts.

GBP/USD bearish mood intact

Cable has extended its bearish momentum to the area of 2-month lows around 1.2780, where it is now looking to stabilize. However, the recent activity in the futures markets showed open interest has been increasing practically since the start of the month amidst choppy performance in volume and declining prices, all reinforcing the bearish scenario for GBP in the near term.