GBP futures: rebound appears intact

CME Group’s flash data for GBP futures markets saw open interest up by just 618 contracts on Monday vs. Friday’s final print at 180,485 contracts. On the other hand, volume decreased for the second day in a row, this time by more than 38.3K contracts.

GBP/USD bottomed out near 1.3000?

Cable is posting its second straight advance so far today, gaining nearly two cents since Friday’s fresh 4-week lows in the vicinity of 1.3020 to the current boundaries of the 1.3200 handle.

The ongoing recovery in spot has been accompanied by rising open interest (albeit by non-relevant levels), while volume decreased significantly, all hinting at the likeliness that further upside stays on the cards, although it could face strong resistance ahead.