GBP Futures: rebound looks likely near term

CME Group’s flash data for GBP futures markets saw open interest and volume shrinking by nearly 1.3K contracts and around 40.5K contracts, respectively, on Wednesday.

GBP/USD faces a tough hurdle at 1.2200

Cable’s negative price action yesterday was accompanied by declining open interest and volume, allowing for some U-turn in the short-term horizon. That said, while occasional bullish attempts are not ruled out, the important 1.2200 handle is seen capping the upside for the time being.