GBP futures: Extra losses stay on the cards

Open interest in GBP futures markets rose for the seventh session in a row on Tuesday, this time by around 4.7K contracts. In the same line, volume posted the largest single day build since March 29, all amidst the broader erratic performance.

GBP/USD focused on 1.2670

Cable’s downside remains unabated around the 1.2700 handle so far. Rising volume and open interest amidst declining prices carry the potential to drag GBP/USD lower with the immediate target at the 1.2670 region, mid-January lows.