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Market Extra: Record short trades set sterling up for post-BOE rally

Speculative investors have driven short positions in the pound to a record high, setting sterling up for a major rebound if the Bank of England disappoints later on Thursday.

The U.K. central bank is widely expected to cut its benchmark interest rate to a fresh record low of 0.25% and possible also expand its quantitative easing program in a bid to boost the economy after the Brexit vote in June. Anticipation of a big easing package has pushed the pound GBPUSD, -1.2758% to around $1.31 in recent weeks, with the market now becoming heavily short on the U.K.

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