GBP Futures: Extra gains on the cards

CME Group’s advanced data for GBP futures markets noted open interest rose for the second session in a row on Monday, this time by nearly 1.2K contracts. Volume, on the other hand, extended the erratic performance once again and shrunk by nearly 29.3K contracts.

GBP/USD now targets the 200-day SMA

Cable is prolonging the upside momentum amidst rising open interest, which should pave the way for further gains in the short-term horizon. That said, following the recent breakout of the 1.2500 barrier, the target is now at the 200-day SMA in the mid-1.2600s.