CME Group’s flash data for GBP futures markets noted investors trimmed their open interest positions by nearly 1K contracts on Monday, reaching the second drop in a row. Volume, too, went down by around 1.6K contracts.

GBP/USD looks limited by the 200-day SMA

Cable’s 4-day recovery was amidst decreasing open interest and volume on Monday, removing tailwinds from the move and leaving the price action limited to the area below the 200-day SMA, today at 1.2643.