GBP Futures: potential rebound on the cards

CME Group’s flash data for GBP futures markets noted open interest shrunk by around 6.7K contracts, reversing the previous build. In the same line, volume went down by just 646 contracts.

GBP/USD supported in the 1.2650/1.2600 band

Cable’s correction lower could be losing momentum on the back of declining open interest and volume, allowing for a probable U-turn in the short-term horizon. That said, the 1.2650/00 region emerges as key contention for further downside.