GBP futures: bullish with caution

Open interest in GBP futures markets increased for yet another session on Monday, up by more than 1K contracts while volume shrunk by around 32.5K contracts, all according to preliminary figures from CME Group.

GBP/USD flirting with the 200-day SMA

Cable is extending the recovery from lows in the vicinity of 1.2860 amidst rising open interest and declining volume. That said, further upside still remains on the cards, with the next target at the critical 200-day SMA in the 1.2960 region, where the rally could fail.