GBP Futures: Further retracements on the cards

CME Group’s advanced figures for GBP futures markets noted investors added more than 1K contracts to their open interest positions on Thursday, reversing two consecutive pullbacks. Volume, instead, shrunk by around 34.2K contracts and extended the choppy performance further.

GBP/USD could still test 1.2880

Cable dropped and tested fresh yearly lows near 1.2920 on Thursday. Rising open interest allow for a deeper pullback in the short-term with the next target at the 100-day SMA in the 1.2880 region.