GBP futures: negative view intact

CME Group’s preliminary figures for GBP futures markets saw investors adding almost 2.7K contracts to their open interest positions on Tuesday vs. Monday’s final 189,337 contracts. Volume followed suit, up by around 36K contracts and reverting at the same time two consecutive drops.

GBP/USD now targets 1.3300

Cable’s leg lower appears to be gathering extra pace during the first half of the week against the backdrop of rising open interest and volume, all pointing to a continuation of the bearish scenario and opening the door for a potential visit to December 2017 low in the 1.3300 neighbourhood.