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Open interest in GBP futures markets shrunk by nearly 1.7k contracts on Friday vs. Thursday’s final 196,320 contracts. In the same direction, volume decreased by around 48.6K contracts, prolonging the choppy performance.

GBP/USD decline looks contained

Cable looks to extend its consolidative note after bottoming out in the mid-1.2800s last week. Declining open interest and volume is also reinforcing the idea of a potential rebound in the short-term horizon.