• GBP/USD vulnerable to U.S. data beats/firmer USD and underwhelming BoE Thurs

• Despite that risk, option price not high, even downside strikes

• 1-month implied volatility 8.1 vs 8.8 pre Fed, but 7.4 July 7, 6.9 June 9

• 1-month daily historic vol (fair value gauge) 8.3 vs sub 7.0 July 7/June 9

• GBP put over call premium on 1-month risk little changed of late -just 0.45

• Low premium/low demand for downside strikes suggests minimal setback fear

• Owning downside strikes options would benefit if GBP/USD does suddenly slump

• Rising supports at 55-100 dma's 1.2688/1.2567 and daily cloud spans between

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