GBP: Next Upside Move Positioning

Traders in the British Pound (6BH2026 -March futures) are acting quite predictably.

After last week’s rally (by the way — GBP rose to the outer 95% ER boundary, which rarely happens), we started seeing naked puts appear on Thursday and Friday.
Their break-even points sit right within the recent bullish move (#1 and #2 on screenshot).

Here’s how to interpret this:
If GBP starts to decline, these levels could act as support zones — and potentially mark the end of the correction.

The mechanics behind it?
By adding a long futures position to a long put, traders create a synthetic call — a structure designed to profit from upside after the dip.

In short:
They’re not just betting on a drop — they’re positioning for the next leg up.
#GBP futures