GBP Futures: Extra losses in the pipeline

CME Group’s flash readings noted investors added around 2.1K contracts to their open interest positions on Monday. Volume, too, went up by nearly 44.3K contracts, prolonging the erratic performance seen as of late.

GBP/USD could test 1.2950

Cable’s negative price action on Monday could extend further in the short-term on the back of rising open interest and volume. Against this, the area of 2020 lows in the mid-1.2900s should act as initial contention.