This via SG on sterling, in summary:

There are too many sterling bulls for comfort

Vulnerable long positions. Our positioning analytics are currently raising several red flags on GBP

  1. when CFTC positioning was comparatively long in April 2018, GBP/USD subsequently sold-off;
  2. GBP/USD trades in overbought territory according to the 1y percentile of long positions at 92%;
  3. and dry-powder analysis shows that long traders are excessively concentrated.

we remain bullish GBP on a longer-term view but nervous for the months ahead. GBP/USD … looks vulnerable to another move towards 1.28

Oh, a ps on this - Société Générale forecast a rate cut from the boee Bank of England this week: