GBP futures: some corrective upside on sight near term

CME Group’s flash data for GBP futures markets showed investors added more than 2.7K contracts on Monday vs. Friday’s final 241,473 contracts. On the opposite direction, volume dropped by around 54.5K contracts, offsetting the previous build.

GBP/USD bearish view intact

Cable printed fresh 2018 lows in the 1.2730 area at the beginning of the week. The current up move is viewed as corrective only, while the recent build in open interest should allow for deeper pullbacks in the next weeks.