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According to flash data for GBP futures markets from CME Group, open interest rose for the second session in a row on Thursday, this time by just 718 contracts. On the other hand, volume decreased for another day by almost 21.7K contracts.

GBP/USD supported by the 200-day SMA near 1.2970

The recent down move in Cable was on the back of increasing open interest, allowing for the continuation of this trend. However, shrinking volume could remove tailwinds from this view, reinforced by the proximity of the critical 200-day SMA in the 1.2970 region.