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CME Group’s preliminary data for GBP futures markets noted open interest and volume shrunk by nearly 3.8K contracts and around 49K contracts, respectively on Thursday.

GBP/USD could re-test 1.2300 and above

Cable‘s negative session on Thursday was in tandem with declining open interest and volume, opening the door for a potential U-turn in the near term. Against this backdrop, a new visit to the 1.2300 neighbourhood in the near term should not be ruled out.