GBP Futures: scope for extra losses

Open interest in GBP futures markets increased by nearly 4.5K contracts on Monday, printing the second build in row, according to preliminary data from CME Group. In the same line, volume went up by almost 67.8K contracts, also marking the second consecutive build.

GBP/USD remains under pressure below 1.2700

Cable stays depressed and failed once again to extend the recovery further north of 1.2700 the figure, sparking the ongoing leg lower. In the meantime, GBP/USD is expected to remain under scrutiny in light of deteriorating UK fundamentals and uncertainty around Brexit and the UK politics.