Speculative positioning against sterling has deepened, with GBP net shorts up by more than 40% and at their highest level since August. The increase in bearish bets points to a more negative market stance towards the currency, as traders have added to short exposure rather than covering positions. Policy signals were steady: the Bank of England kept the Bank Rate unchanged at 3.75% at its 18 September meeting, matching expectations. Sterling has also tracked broader dollar strength, weakening in line with a recent oil-driven USD rally, which has reinforced downward pressure on GBP in the near term. We are seeing a major shift in currency markets as GBP net short positions have jumped by over 40% to their highest levels since August.
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