FXStreet (Bali) - Scanning through the CME FX option volumes for Thursday, one interesting development has emerged, with market participants aggressively buying Pound 'in the money' calls, while selling Euro 'in the money Puts, ahead of today's Oct contract expiration. Options positioning reveals some clues In the EUR/USD Oct contract, 492 'in the money' put contracts were bought, while -360 'in the money' call contracts were sold to close positions. In contrast, GBP/USD saw 256 'in the money' calls being bought, while only 5 'in the money' put contracts came through. EUR/GBP to keep the loosing streak? In other words, market participants, ahead of the Oct expiration contract, entered the market for directional bets short the EUR/USD and long GBP/USD, making the EUR/GBP cross as a consequence, an interesting short-side proposition should price action and one's own discretion to spot chart opportunities at value areas agree. Watch for gamma scalping along the way It is important to remember, that as price moves in the direction of those betting for 'in the money' options - short eurusd and long gbpusd -, some gamma scalping strategies may be in play during different stages in order to bring the position to delta neutral - neutralize risk -. At the same time, expect some positions to be unwound - potential price reversals - at 10am NY cut. For more information, read our latest forex news.