GBP Futures: Room for extra recovery

In light of advanced data from CME Group for GBP futures markets, open interest reversed two consecutive pullbacks and rose by nearly 3.8K contracts on Friday. On the opposite direction, volume went down by almost 24K contracts after two builds in a row.

GBP/USD now targets 1.2000

Following last week’s ‘flash crash’, Cable staged a moderate rebound on Friday against the backdrop of rising open interest, allowing the continuation of the corrective upside to, initially, the 1.20 neighbourhood. The moderate drop in volume, however, could slow the pace of the recovery.