GBP futures: pullbacks expected to continue

In light of advanced data for GBP futures markets from CME Group, open interest rose by almost 8.9K contracts on Friday vs. Thursday’s final 184,545 contracts. Volume followed suit, up for the second session in a row and this time by around 46.7K contracts.

GBP/USD now eyes 1.3658

The selling pressure remains well and sound around Cable, always on the back of rising open interest and volume, all indicative of a bearish scenario. The area around 1.3710 (low March 1) appears as the interim support ahead of the more relevant 1.3658 level (2017 high September 20).