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Open interest in GBP futures markets dropped by more than 3K contracts on Friday following two consecutive builds, according to flash data from CME Group. In the same line, volume shrunk by around 57.1K contracts, prolonging the choppy activity.

GBP/USD moved into a consolidative phase

Cable‘s recent price action is far from pointing to a clear direction amidst declining open interest and erratic volume. That said, further consolidation looks likely in the short-term horizon, always tracking the developments from the Brexit front.