UBS - "We buy a six-month GBP put/ USD call option with a strike of 1.4800, expiring on August 15th 2013, and costing 0.9975% of face. The spot reference for this trade is 1.5500.
(...) The key call we are making with this trade is that the market will not respect the boundaries set by recent years' price action in the face of potential major policy shifts in the UK in the months ahead. This trade also offers some exposure to any renewed slide in EURUSD given historical correlations between GBP and EUR vs USD."