Traders are lining up to short the British pound with a possible recession on the horizon

Traders are increasingly taking short positions against the British pound as the U.K.'s cost of living crisis begins to bite.

"The ECB is just coming out of negative rate territory and we think there are non-linearities to doing that, where the BOE is already in positive rate territory — we don't think they can really hike all that much further," Zief said.

According to the most recent Commodity Futures Trading Commission data on May 10, asset managers and institutional investors held more than "While the U.K. faces a similar trade-off as other major central banks between slowing growth and well-above-target inflation, the BoE has chosen to place a relatively bigger weight on the growth outlook while still relying on supply-side factors to bring inflation down to target," Goldman Sachs Co-Head of Foreign Exchange Strategy Zach Pandl said.

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