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Open interest in GBP futures markets shrunk by nearly 2K contracts on Thursday from the previous session and following three consecutive daily builds. In the same direction, volume retreated for the second straight session, this time by around 5.5K contracts.

GBP/USD still targets 1.3400 and above

Cable‘s negative price action on Thursday was in tandem with declining both open interest and volume, allowing for a potential ‘U-turn’ that would pave the way for a test of recent tops in the 1.3380 region and probably beyond.