GBP Futures: scope for a move higher

CME Group’s advanced data for GBP futures markets noted investors added around 22.5K contracts to their open interest positions on Tuesday, the largest build so far this year. In the same direction, volume extended the up trend and rose by almost 74K contracts.

GBP/USD rallies could test the 1.2370 region

Cable’s positive price action on Tuesday was in tandem with rising both open interest and volume, allowing for the continuation of the bounce in the very near term. The next hurdle of relevance emerges at the 1.2370 region, where coincide the 10-day and 21-day SMAs.