Societe Generale Research discusses its latest tactical bias in G10. 

"The yen short remains sizeable, the net euro position is now short again and the sterling sort position is now really moving (as is sterling). It remains the market’s favourite way to express a long dollar position now, as the UK economy runs into a brick wall, the government remains unpopular and the threat of calls for a new Scottish referendum and more trouble over the Northern Ireland protocol threaten to become market factors.

"We’d rather be short GBP/USD here, than EUR/USD, despite the surge in sterling positioning," SocGen adds.