GBP Futures: potential rebound on the cards

Pablo Piovano FXStreet

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.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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