GBP Futures: potential for a rebound higher

According to preliminary figures for GBP futures markets from CME Group, open interest dropped by around 4.7K contracts on Friday. In the same line, volume went down by nearly 40.3K contracts, prolonging the erratic performance.

GBP/USD bottomed out in sub-1.2400 levels

Cable continues to recover from last week’s yearly low in the sub-1.2400 area. Friday’s retracement looks unconvincing amidst shrinking open interest and volume, hinting at the likeliness of extra gains in the near term.