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CME Group’s flash data for GBP futures markets noted open interest rose by almost 11.9K contracts on Tuesday from Monday’s final 176,421 contracts. Volume followed suit, up significantly by nearly 91K contracts, more than offsetting the previous drop.

GBP/USD now looks to 1.3000

Cable dropped along with a significant build in volume and rising open interest, allowing for further declines. In addition, the breakdown of the key 1.3040 area has now opened the door for a probable visit to the critical contention zone at 1.3000 the figure.