GBP futures: squeeze higher likely

Open interest in GBP futures markets rose for the fourth consecutive session, this time by 948 contracts on Wednesday vs. Tuesday’s final 227,895 contracts. Volume followed suit, up by more than 5.8K contracts.

GBP/USD targets 1.2928, last week’s peak

Cable is up for yet another session amidst rising volume and open interest. That said, the rebound from recent lows still has legs and could advance to last week’s peaks near 1.2930.