GBP Futures: Extra decline stays in the pipeline

CME Group’s flash data for GBP futures markets noted investors added nearly 8.5K contracts to their open interest positions at the end of last week, clinching the fifth consecutive daily build. Volume, instead, posted the largest single-day drop after retreating by almost 108.8K contracts, reversing at the same time two builds in a row.

GBP/USD still targets 1.2200 near-term

Cable’s negative performance on Friday was amidst rising open interest, which should leave the probability of extra losses well on the table for the time being, That said, a move to the 1.2200 neighbourhood in the next weeks should not be surprising.