GBP futures: downside seems limited

In light of CME Group’s preliminary data for GBP futures markets, investors trimmed their open interest positions by just 688 contracts on Thursday from Wednesday’s final 197,020 contracts. On the other hand, volume reverted the previous drop and went up by more than 45K contracts.

GBP/USD rebound could extend further

Cable tested fresh lows in the mid-1.2800s on Thursday, although managing to regain some ground afterwards and close the day with small gains, all amidst a small drop in open interest and a decent raise in volume. The move opens the door for a potential continuation of the bounce, leaving at the same time occasional dips shallow.