The 1mth 25 delta risk reversal is maintaining a premium for GBP puts, with 0.1/0.25 GBP puts representing the current market. In the mid-dates: the 3mth 25 delta R/R is 0.15 pct around par last. The 1mth R/R downside strike bias, and 3mth R/R neutrality, follows recent demand for GBP puts. This has included the good size 1mth circa 1.8230 strike purchased yesterday, and the mid-January 1.8000 strike which traded late last week.
Expiry-wise: some 1.8650/60 strikes reportedly roll off at today's 10am EST NY cut (14:00GMT), alongside a cumulatively estimated GBP 350mn 1.8475/85 strikes. A 1.8500 strike expires tomorrow.
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