GBP futures: squeeze higher still on the cards

CME Group’s advanced data for GBP futures markets noted open interest dropped for the first time after three consecutive days, this time by around 1.9K contracts on Thursday from Wednesday’s final 261,034 contracts. In the same line, volume shrunk significantly by almost 65.7K contracts.

GBP/USD still scope for a test of 1.3100

Cable’s ongoing down move was on the back of decreasing open interest and volume, allowing for some rebound in the near term which could extend to the 1.3100 handle.