GBP futures: rising odds for extra pullbacks

Open interest in GBP futures markets increased for yet another session on Wednesday, this time by nearly 4.4K contracts. On the other hand, volume dropped for the second session in a row, now by around 8.7K contracts.

GBP/USD could slip back to 1.2600

Cable’s downside is navigating the fourth consecutive week amidst rising open interest and erratic activity in volume. That said, another visit to recent lows in the proximity of 1.2600 the figure remains well on the table in the near term.