Open interest in GBP futures markets extended the up trend on Monday, this time advancing by around 3.7K contracts. In the same direction, volume reversed two drops in a row and increased by around 28.3K contracts.
GBP/USD still scope for a move lower
Cable remains sidelined below the 1.2200 handle amidst a persistent rise in open interest and choppy performance in volume. That said, further consolidation looks the most likely scenario in the short-term horizon, although a move lower should not be ruled out.
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