British Pound futures extended gains for a second consecutive session, closing at 1.3420 and retracing much of the decline seen following the June FOMC meeting after previously reaching a low of 1.3120. Volatility in the currency continued its downward trend according to the CVOL index, dropping to six-month lows after declining steadily since the third week of June. Meanwhile, CFTC positioning data indicated that speculators have begun covering net short positions that had built up throughout most of June, with market participants watching to see how recent price strength impacts positioning in upcoming reports.