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Open interest in GBP futures markets dropped by just 420 contracts on Thursday. Volume followed suit, shrinking by nearly 11.4K contracts, reaching the second drop in a row according to advanced data from CME Group.

GBP/USD met support near 200-day SMA

Cable‘s weekly decline met decent contention in the proximity of the critical 200-day SMA in the 1.2960 region. Declining prices amidst shrinking open interest and volume hints at the likeliness of a change of direction in the near term, with immediate target at the 55-day SMA, just below 1.3100.