• FX option implied volatility sold across the board post U.S. CPI

• GBP/USD no exception - 1-week expiry now 6.25 from 7.5 prior

• Benchmark 1-month implied volatility is now 6.2 from 6.8 pre CPI

• 1-month will include September Fed and BoE from next week to underpin

• GBP/USD 1-month risk reversals sold 0.3 GBP puts over calls Thursday

• Recent and long term lows were 0.15 GBP puts in July

• GBP puts are the right to sell GBP and GBP calls the right to buy

• Price action consistent with falling real volatility within familiar ranges

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