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CME Group’s advanced data for GBP futures markets noted open interest rose by almost 5K contracts on Thursday vs. Wednesday’s final 196,891 contracts. In the same direction, volume increased by around 10.3K contracts.

GBP/USD scope for further decline alleviated

Cable recorded a fresh yearly low on Thursday around 1.2960 and rebounded on the back of sudden USD-weakness. The move has been on the back of rising open interest and volume, allowing some extra recovery in the near term, although risks remain broadly to the downside.