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CME Group’s flash data for GBP futures markets saw open interest and volume shrinking by nearly 1.3K contracts and around 40.5K contracts, respectively, on Wednesday.

GBP/USD faces a tough hurdle at 1.2200

Cable‘s negative price action yesterday was accompanied by declining open interest and volume, allowing for some U-turn in the short-term horizon. That said, while occasional bullish attempts are not ruled out, the important 1.2200 handle is seen capping the upside for the time being.