GBP Futures: bearish note still prevails
According to preliminary data from CME Group for GBP futures markets, investors added just 143 contracts to their open interest positions, reaching the fifth consecutive build. In the same direction, volume reversed three consecutive drops and gained almost 21.7K contracts.
GBP/USD still looks to 1.2480
Cable’s decline has faltered just ahead of the 1.2500 handle so far. However, fresh GBP sellers keep turning up as shown by rising open interest and volume, leaving the chance of a visit to December lows in the 1.2480 intact in the near term.
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.