One factor that may be helping undermine the pound slightly is the fact that the Barclays the terms of the sale of BGI to Blackrock call for only about half the purchase price to be paid in cash. The rest will be paid in stock. That leaves about GBP 4 bln to flow toward Barclays when all is said and done. Given the price action this week, many suspect the deal has already been fully hedged, leaving specs long as one of the catalysts for GBP strength leaves the stage.