GBP Futures: extra downside looks likely

CME Group’s flash data for GBP futures markets showed investors added around 8.6K contracts to their open interest positions on Friday. on the other hand, volume shrunk by nearly 14.9K contracts after three consecutive daily builds.

GBP/USD now looks to 1.30

Cable’s renewed downside was in tandem with rising open interest, which initially hints at the likelihood of extra downside in the near term. That said, the psychological support at 1.30 the figure emerges as the next key level if the selling pressure picks up pace. The moderate uptick in volume, however, could slow the pace of the decline and/or spark some bouts of consolidation.