The pair has evidenced steep slumps about 5.35% or 815 pips almost within 1 month.

These downswings were well in sync with the leading and lagging indicators, no divergence seen on any point of this journey, instead it is in conformity to the huge volumes on price declining pressures.

It has taken over price slumps after last week's break out of strong supports at 1.4718 levels and continued remaining way below 21DMA on all time frames which would mean that ongoing bearish trend to prevail further.

So, no panic for bears, even if we see any minor bounces abruptly from here on as major trend seems to be strongly bearish in long term.

Moreover, the table showing risk reversals would imply that OTC market sentiments are well positioned with hedging arrangements to mitigate downside risks when GBPUSD Spot FX is at 1.4673.

However, the cable's IVs of ATM contracts are perceived to be picking up gradually from 7% to 7.65% in 1 months contracts.

Thus, we believe the risk reversals of ATM contracts of 1-month maturities have no disparities between at the money contracts and IVs of these strikes (compare delta risk reversal with IVs).

Hence, pondering over the breakout of significant support, the more dips are the most likely event in the weeks to come, and FX OTC market sentiments are well equipped accordingly. So we recommend shorting near month futures for 1st target at 1.4222 and even up to 1.4082 with a strict stop loss at 1.4718, thereby observed handsome risk reward ratio.