GBP Futures: Scope for further losses

CME Group’s flash data for GBP futures markets noted open interest went up by nearly 3.4K contracts on Tuesday, resuming the uptrend at the same time. Volume, too, increased by around 35.8K contracts, reversing the previous drop.

GBP/USD looks to breach 1.2200

Cable’s negative performance on Tuesday was amidst increasing open interest and volume. That said, a deeper pullback remains on the cards with the next contention seen at 1.2163, April’s low.