• GBP/USD price action similar to EUR/USD in spot and FX options

• GBP/USD implied volatility under significant pressure last week

• Benchmark 1-month expiry from 8.0 to 6.6, 3-month 7.85 to 6.75

• These match initial post election lows, previously seen in September

• 1-month expiry 25 delta risk reversal at 0.5 GBP puts over calls

• That matches initial post election lows previously seen in early October

• Price reductions signal falling GBP/USD volatility and downside risks

• Stand-out FX option strikes expiring this week nL1N3NA06N

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