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In light of flash data from CME Group for GBP futures markets, investors added more than 1K contracts to their open interest positions on Wednesday, extending the uptrend that started on June 26. Volume also increased for the second session in a row, now by around 11.8K contracts.

GBP/USD rebounds from the mid-1.2400s

Cable is now prolonging the bounce of recent lows in the 1.2450 region following the persistent selling bias in the greenback. Rising open interest and volume underpins the recovery and is now targeting the 10-day SMA at 1.12558 and the 21-day SMA at 1.2609