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Open interest in GBP futures markets shrunk for the second session in a row on Wednesday, this time by nearly 2.5K contracts according to flash data from CME Group. Volume, instead, advanced for another session, now by around 33.2K contracts.

GBP/USD room for some range-trading

Cable reacted with a drop to the mid-1.2100s after Boris Johnson suspended the UK Parliament, although it managed to stage a rebound afterwards. Declining open interest removes some strength of the down move, although increasing volume in the last couple of sessions warns over the potential for a correction lower in the near term.