GBP Futures: Downside looks limited

In light of advanced readings for GBP futures markets from CME Group, investors trimmed their open interest positions by around 7.9K contracts on Friday. Volume, on the other hand, rose for the second session in a row, this time by nearly 6.7K contracts.

GBP/USD could slip back to 1.2100

Friday’s downside in Cable was accompanied by declining open interest, resuming the recent downtrend and leaving extra losses somewhat limited for the time being. Against this backdrop, the Fibo retracement of the sharp pullback seen in mid-March just below 1.2100 the figure is expected to hold the initial test in the short-term horizon.

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