GBP futures: scope for a squeeze higher

CME Group’s flash data for GBP futures markets showed investors scaled back their open interest positions by around 4.2K contracts on Wednesday vs. Tuesday’s final 233,339 contracts. On the flip side, volume rose for the second consecutive session, this time by almost 68.2K contracts.

GBP/USD poised to climb further

Yesterday’s rebound in Cable was on the back of another up tick in volume despite open interest decreased for the second time so far this week. Positive Brexit headlines boosted the demand for the Sterling and lent fresh oxygen to spot. That said, GBP/USD could extend the up move, although the drop in open interest warns against the sustainability of the bullish attempt.