GBP Futures: bearish with caution

Preliminary figures for GBP futures markets from CME Group noted open interest shrunk for the third session in a row on Monday, this time by around 1.1K contracts. In the same direction, volume went down for the second day in a row, now by around 23.6K contracts.

GBP/USD could slip back to sub-1.2400 levels

Cable extends its downside mood on Tuesday amidst shrinking open interest and volume, allowing for a probable rebound in the near term. However, the Sterling remains under heavy pressure on UK politics and Brexit and therefore another test of levels below 1.2400 the figure should not be ruled out in the near term.