GBP Futures: extra losses likely in the short-term

CME Group’s advanced readings for GBP futures markets noted open interest increased by around 4.3K contracts on Wednesday, reversing the previous drop. Volume, too, rose for the second straight session, this time by nearly 3.4K contracts.

GBP/USD risks a move to 1.2990

Cable’s prospect of further downside is supported by rising open interest and volume amidst negative price action on Wednesday. That said, the 55-day SMA in the 1.2990 region emerges as the next target of relevance in case the ongoing weakness extends further.