GBP Futures: Further decline in the pipeline?

CME Group’s flash data for GBP futures markets noted investors added nearly 29K contracts to their open interest positions on Tuesday, recording the second build in a row. On the opposite direction, volume reversed two straight builds and shrunk by around 32.3K contracts.

GBP/USD faces extra weakness

Cable’s retreated markedly on Tuesday along with the rest of its peers on a broad-based advance of the dollar. The knee-jerk was accompanied by rising open interest, opening the door to a probable move lower in the next sessions. Against this backdrop, another visit to YTD lows in the 1.2730 area should not be surprising.