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GBP futures: weakness posed to persist

Open interest in GBP futures markets rose by more than 6.3K contracts on Tuesday from Monday’s final 151,528 contracts, according to advanced data from CME Group. In the same line, volume increased by almost 73.9K contracts, reversing the previous pullback.

GBP/USD could now slip back below 1.2800

Cable closed at daily lows on Tuesday accompanied by rising open interest and volume. That said, a deeper pullback is now expected without any support of relevance until February’s low in sub-1.2800 levels.