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CME Group’s flash data for GBP futures markets noted investors added nearly 29K contracts to their open interest positions on Tuesday, recording the second build in a row. On the opposite direction, volume reversed two straight builds and shrunk by around 32.3K contracts.

GBP/USD faces extra weakness

Cable’s retreated markedly on Tuesday along with the rest of its peers on a broad-based advance of the dollar. The knee-jerk was accompanied by rising open interest, opening the door to a probable move lower in the next sessions. Against this backdrop, another visit to YTD lows in the 1.2730 area should not be surprising.

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