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In light of preliminary data from CME Group for GBP futures markets, investors scaled back their open interest positions by just 428 contracts on Tuesday and volume retreated by almost 9.8K contracts after three consecutive daily builds.

GBP/USD: a test of 1.30 remains on the table

Cable is correcting lower for the second consecutive session on Wednesday. Tuesday’s retracement was on the back of declining open interest and volume, which should leave the downside somewhat limited in the short-term. That said, the 1.2875/69 band offers interim contention. In this area of support coincide the 21-day and the 10-day SMAs.