Big stops and option barriers reside at 1.30, short gamma below

Means 1.3000 break could accelerate, and option traders are clearly nervous

1.30 GBP puts being bought - allow holders to sell GBP at 1.30 at expiry

1-month 1.3000 just paid 14.65 implied volatility - a very high price

That option has gained over 2.0 implied vols in less than a week

1-month expiry implied volatility up 2.0 since Tues - highs since March

Ignoring March panic- Premium for 1-month GBP put options highs since 2016

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