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GBP/USD hedging volumes doing well as.......>

OPTIONS
OPTIONS: GBP/USD hedging volumes doing well as spot continues to break higher
(currently sits just shy of the best levels since September). Over $4bln in
options contracts have changed hands so far today, well ahead of the $2.7bln
you'd expect to see at this point in the session.
GBP/USD upside exposure has been in demand from the off, with $1.33 call strikes
one of the most popular trades (although not in size). The largest trades of the
session are posited to profit from further GBP/USD downside with expiries as
soon as this Friday on sizeable $1.2975 put strikes. 1m risk reversals remain
well toward recent lows, currently sitting just shy of 1.5 vol points in favour
of puts. 

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