GBP futures: further losses on the cards

CME Group’s flash data for GBP futures markets noted open interest increased for the second consecutive session, this time by around 2.6K contracts on Tuesday. In the same line, volume went up once again, this time by nearly 2.5K contracts.

GBP/USD now looks to 1.2870

Cable’s has been losing ground in past sessions on the back of rising open interest and choppy activity in volume. That said, further downside remains well on the cards with the immediate target at March low in the 1.2870 region.