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Despite lacklustre volumes overall, GBP.....>

OPTIONS
OPTIONS: Despite lacklustre volumes overall, GBP currency hedging is holding up
well, with GBP/USD and EUR/GBP both seeing higher-than-average volumes so far
Friday.
-The GBP/USD put/call ratio is relatively balanced, with tight expiries in
demand (many larger trades placed today expire well ahead of the end of
November). Calls expiring in early January eye 1.3445-55 strikes but puts
layered between $1.3050 and 1.30 have been particularly popular also.
-Conversely in EUR/GBP, the put/call ratio at 2.5 shows the popularity of GBP
upside exposure today, with markets taking a number of positions poised to
profit on a move below Gbp0.85. Brexit talks clearly key here ahead of what is
likely to be a busy weekend for UK press as the proximity to a touted Brexit
deal appears to be exciting journalists on both sides of The Channel.

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