People Are Very Bearish on the Pound

The pound remains unloved across investor groups, with real-money sales of the U.K. currency only just getting started, data from Bank of America Corp. show.

All client types — corporate accounts, reserve managers, hedge funds and institutional accounts, like mutual funds, pensions and endowments — have dumped sterling over the past two weeks, according to the U.S. bank’s analysis of flow data.

“The overall GBP market position is neutral, but real money is long, suggesting downside risks as they have been selling in the last three weeks,” quantitative strategists Myria Kyriacou and Athanasios Vamvakidis wrote in a note Monday.

Bloomberg

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