GBP Futures: Rebounds could extend further

Open interest in GBP futures markets went up by 2.1K contracts on Wednesday, reaching the second session in a row according to preliminary readings from CME Group. Volume, instead, prolonged the choppy performance and shrunk by 18.6K contracts.

GBP/USD remains capped by the 200-day SMA

Cable is extending the rebound from recent lows amidst increasing open interest, which remains supportive of extra gains in the near term. Erratic activity in volume, however, could leave the upside somewhat limited.