GBP Futures: further downside not ruled out

Open interest in GBP futures markets rose for yet another session on Friday, this time by around 4.4K contracts, according to preliminary data from CME Group. On the other hand, volume shrunk for the second consecutive day, now by around 58K contracts.

GBP/USD faces tough resistance at 1.2200

Cable remains sidelined below the 1.2200 handle for the time being. While rising open interest on Friday allows for some extension of the rebound, declining volume could keep favouring either some consolidation or a resumption of the recent down move.