GBP futures: scope for extra gains

CME Group’s flash data for GBP futures markets noted open interest advanced for yet another session, this time by around 3K contracts on Friday. In the same direction, volume increased by around 10.7K contracts amidst the prevailing choppy activity.

GBP/USD appears supported near 1.2600

Cable has recently bottomed out in the 1.2600 neighbourhood and could now see some continuation of the rebound, all sustained by rising open interest and volume.