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Open interest in GBP futures markets shrunk by around 2.4K contracts on Wednesday from Tuesday’s final 161,764K contracts, clinching the second consecutive drop. In the same line, volume dropped by nearly 54.5K contracts.

GBP/USD faces resistance near 1.3100

Wednesday’s up move in Cable reversed just ahead of the key 1.3100 the figure amidst shrinking open interest and volume, which should remove some tailwinds from further bullish attempts.