CME Group’s preliminary figures for GBP futures markets noted open interest shrunk by just 432 contracts on Tuesday after two daily builds. In the same direction, volume reversed two consecutive daily increases and dropped by around 32.8K contracts.

GBP/USD loses momentum beyond 1.2700

Cable keeps challenging the 1.2700 mark and beyond, although the up moves lacked of follow through for the time being. Shrinking open interest and volume appears to support this view in the short-term horizon.