GBP futures: correction lower could extend further

Open interest in GBP futures markets dropped for the seventh session in a row on Wednesday, this time by almost 3K contracts vs. Tuesday’s final 225,082 contracts, according to advanced data from CME Group. Volume, instead, reverted two drops in a row and rose by more than 2K contracts.

GBP/USD does not rule out a test to 1.3000

Cable’s recent performance was amidst the persistent decline in open interest while volume remained somewhat steady. That said, the likeliness that an interim top just below 1.3300 the figure last week is in place continues to gathers traction, while a probable drop and test of the psychological 1.3000 handle remains in the pipeline.