GBP futures: potential for a deeper decline

CME Group’s advanced figures for GBP futures markets, open interest rose for the second session in a row on Monday, this time by around 2.1K contracts, from Friday’s 198,981 contracts. Volume, instead, dropped for the fourth consecutive session by almost 10.4K contracts.

GBP/USD next target at 1.3000

The gradual decline in Cable was in tandem with rising open interest, opening the door for a deeper pullback. However, the continuation of the downtrend in volume warns against the probable retracement.