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Open interest in GBP futures markets rose for yet another session on Wednesday, this time by just 438 contracts in light of the advanced data from CME Group. Volume, too, went up by almost 3.4K contracts, showing that fresh sellers kept returning to the markets.

GBP/USD now targets the 55-day SMA at 1.2280

Rising uncertainty around UK politics and Brexit limbo has plotted against the Sterling and dragged Cable more than two cents from last week’s tops near the 1.2600 handle. Increasing open interest and volume now leaves the pair ripe for a move to the 55-day SMA at 1.2280.