GBP futures: downside appears limited

In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from Wednesday’s final 180,054 contracts. In the same line, volume dropped by more than 88K contracts.

GBP/USD now looks to 1.3040

Cable continues its march south after breaking below the key support at 1.3200 the figure. The attention has now rotated to the critical 1.3040 area, although the recent decrease in open interest and volume could remove some tailwinds from the downside.