GBP futures: has it bottomed out?
|Investors added around 7.3K contracts to their open interest positions on Thursday, advancing uninterruptedly since May 13, according to preliminary data from CME Group. Volume, instead, shrunk for the second session in a row, this time by around 29.1K contracts.
GBP/USD supported near 1.2600 so far
The sharp leg lower in Cable appears to have met decent contention in the 1.2600 neighbourhood. The rebound from that area was on the back of rising open interest, hinting at the likeliness that a potential continuation of the bounce remains on the cards.
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