GBP Futures: extra downside on the cards

CME Group’s advanced figures for GBP futures markets noted open interest rose for the third session in a row on Wednesday while volume dropped by almost 19.7K contracts.

GBP/USD remains under pressure

Cable’s bullish attempt on Wednesday was on the back of a moderate increase in open interest, which could allow for a near term squeeze higher. However, shrinking volume and persistent Brexit concerns could remove legs from the move and motivate spot to refocus on the downside.