• GBP/USD implied volatility has increased from support/value levels

• Benchmark 1-month expiry traded 10.0 Fri from 9.6 setback lows on Thursday

• Risk reversals increase the implied volatility premium for GBP puts vs calls

• 1-month expiry risk reversal 0.9 vs 0.6 (1-year low) last week

• Outright demand for sub 1.2000 GBP put options has picked up on Friday

  
  

  
  

  
  

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