GBPUSD The pound has a similar setup. The largest open interest is biased towards puts in the current monthly option.
And for the pound, the open interest is mostly on puts. Accumulations are located at strikes 1.3000, 1.3250, and 1.3400 in the current option. There is also an accumulation of calls in one place at strike 1.3550, but this is well above the price. Most likely, the pound will drop to 1.3000, from where it will rise to 1.3400.
Whether the pound will reach its last month's low is hard to say. It is quite far from the current price. However, it could very well reach today's value area low and the third buy level. And from there, it could move up towards 1.3400 - 1.3450. This area seems to be an excellent place for a long-term sell position.
