Against the dollar, sterling is now hovering close to a low for the year, with hedge funds and speculators betting that it will fall even further in the coming weeks and months.
According to data compiled by the US Commodity Futures Trading Commission, net short positions in sterling doubled in just a week and now stand close to a year high.
The market appears to be betting on another round of quantitative easing. Even if members of the MPC aren't.
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