GBP/USD three-month risk reversals (GBP3MRR), a gauge of calls to puts, has jumped to -0.675 - the highest level since June 2018 - indicating the implied volatility claimed by the put options (bearish bets) on the British Pound has hit a 19-month low.
Put simply, investors are expecting GBP/USD to move higher over the next three months.
The currency pair is currently trading largely unchanged on the day at 1.3064.
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