GBP Futures: Deeper pullback lacks momentum

In light of advanced data for GBP futures markets from CME Group, investors trimmed their open interest positions by around 5.6K contracts on Wednesday while volume also went down by around 27.7K contracts.

GBP/USD stays supported near 1.2870

The negative price action in Cable on Wednesday is unlikely to extend further, as noted by shrinking open interest and volume. That said, the area of yearly lows around 1.2870 is expected to keep holding the downside for the time being.