GBP Futures: further downside on the cards

CME Group’s flash data for GBP futures markets noted open interest increased by around 2.1K contracts following three consecutive daily pullbacks. Volume followed suit and rose by almost 25K contracts.

GBP/USD rising odds for another drop below 1.2400

Cable remains under pressure and the door is now wide open for a potential test of recent lows in the sub-1.2400 region on the back of negative price action in combination with rising volume and open interest.