GBP Futures: door open for extra pullbacks

Open interest in GBP futures markets rose once again on Thursday, now by around 1.3K contracts. On the other direction, volume reversed three consecutive builds and shrunk by almost 16.3K contracts, all according to preliminary data from CME Group.

GBP/USD keeps targeting 1.1985

Cable remains under heavy pressure and keeps intact the possibility of a decline towards the 2017 lows in sub-1.2000 levels. Rising open interest reinforces this view, although the drop in volume could slow the pace of the down move.