GBP Futures: scope for a squeeze higher

CME Group’s preliminary readings for GBP futures markets noted open interest reversed the previous drop and rose by around 5.1K contracts on Thursday. In the same line, volume ticked higher by nearly 28.9K contracts.

GBP/USD could reach 1.22 and beyond

Cable’s daily upside on Thursday was on the back of rising open interest and volume, opening the door for a potential move higher in the near term. That said, monthly peaks above 1.22 the figure and the 21-day SMA at 1.2214 have now emerged on the horizon.