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Open interest in GBP futures markets shrunk by just 801 contracts on Monday vs. Friday’s final 195,345 contracts, prolonging the erratic performance. Volume, instead, went up by nearly 2k contracts, reverting three consecutive drops.

GBP/USD it is all about Brexit

Cable continues to look to Brexit for direction amidst shrinking open interest and an uptick in volume, all by irrelevant levels. A move higher appears unlikely on the current context, although positive headlines in the Brexit negotiations are expected to be supportive of the continuation of the uptrend.