GBP futures: keeps looking south

CME Group’s flash data for GBP futures markets showed open interest positions dropped by more than 1.2K contracts on Friday vs. Thursday’s final 241,363 contracts. Volume followed suit, down by almost 163K contracts (the largest drop this year).

GBP/USD attention shifts to 1.3200

Cable remains fragile despite last Friday’s positive close. The recent price action has been in tandem with shrinking open interest and volume, showing that further downside stays on the cards. That said, immediate contention lines up in YTD lows near 1.3200 the figure.