GBP futures: bearish view unchanged

CME Group’s preliminary figures for GBP futures noted open interest rose by nearly 7.3K contracts on Tuesday from Friday’s 199,674 contracts. Volume followed suit, posting the biggest advance since February 8, rising by almost 105K contracts.

GBP/USD still targets 1.3040

Cable continues its march South unabated so far this week. Yesterday’s test of fresh lows in the 1.3200 neighbourhood has been against the backdrop of a sharp increase in volume and a continuation of the up move in open interest.