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Apr 27 - 05:55 AM

GBP/USD - Political Worries, Scottish Election Cap GBP/USD, Prop Options

By Richard Pace  —  Apr 27 - 03:48 AM
  • PM Johnson embroiled in political drama nL8N2MJ15Y, Scot election looms

  • Combined risk keeps a lid on GBP, underpins option volatility risk premium

  • Benchmark 1-month expiry FX option implied volatility supported above 7.0

  • Recent pandemic lows 6.5, 1-month daily historic 6.75 (fair value)

  • Premium for GBP puts (downside) small - post Brexit deal lows 0.375

  • Positive UK growth prospects underpin GBP, should limit setbacks

  • Support 1.3827-25 - 21-DMA/Thurs low. Sellers ahead of Mons 1.3929 high

For more click on FXBUZ

1-3-12-Month GBP/USD risk reversals Click here

GBP=D3 Click here

GBP/USD benchmark 1-month implied volatility Click here

Refinitiv IFR Research/Market Commentary


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