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Well, September 27th rolled around and the GBP was up up up, moving from 1.6030 to 1.6100.

You will recall that I bought a put option at the strike of 1.5915 and a breakeven of 1.5826.  The premium was 88bps.

I let the option lapse and I made a trading loss of 88bps, which is the cost of the option.

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