GBP futures: squeeze higher stays on the cards

CME Group’s flash data for GBP futures markets noted open interest increased by around 3K contracts on Friday, while volume advanced more than 2.1K contracts.

GBP/USD now targets the 200-day SMA near 1.2960

Cable is bouncing off recent lows in the mid-1.2800s, regaining the 1.2900 handle and above amidst some weakness surrounding the greenback. Increasing open interest and volume should give support to a move higher which now targets the 200-day SMA in the 1.2960 region.