GBP futures: odds for further pullbacks increased

In light of advanced data for GBP futures markets from CME Group, open interest decreased by just 432 contracts while volume rose significantly by around 41.6K contracts, partially reverting the drop seen in the previous day.

GBP/USD scope for visit to 1.3712

Cable is prolonging its leg lower at the end of the week, recently accompanied by an important build in volume and practically irrelevant activity in open interest, painting a bearish scenario in the near term while at the same time opening the door for a potential visit to 1.3712 (low March 1).