GBP futures: offered bias unchanged

GBP futures markets showed investors trimmed their open interest positions by 745 contracts on Wednesday vs. Tuesday’s 188,734 contracts, according to preliminary data from CME Group. Volume followed suit, down by nearly 3K contracts.

GBP/USD still targets 1.3765

Cable is extending the leg lower to the sub-1.3900 area today, opening the door at the same time for a visit to February’s low at 1.3765 in the near term. The current negative view comes amidst irrelevant levels in open interest activity and a small drop in volume.