GBP Futures: Rebound in the offing

CME Group’s advanced data for GBP futures markets noted open interest reversed the previous build and shrunk by nearly 1.2K contracts on Monday. In the same line, volume dropped for the second consecutive session, this time by around 52.8K contracts.

GBP/USD now targets the 1.20 mark

Cable’s negative price action on Monday was on the back of diminishing open interest and volume, which should limit the downside somewhat and open the door to the continuation of the rebound. In this scenario, the 1.20 area emerges as the next significant hurdle.