GBP Futures: Potential rebound in the offing

CME Group’s flash data for GBP futures markets noted investors scaled back their open interest positions for the second straight session, now by just 393 contracts. In the same line, volume extended the erratic activity and shrunk by nearly 17.6K contracts.

GBP/USD still capped by the 55-day SMA near 1.3060

Cable’s negative price action on Monday was in tandem with declining open interest and volume, hinting at the likeliness that a U-turn could be in the pipeline in the near term. Against this, GBP/USD faces a tough barrier in the 1.3060 region, where is located the 55-day SMA.