I had the privilege to be on CNBC's Trading Block show to discuss how the market is positioned for the UK referendum.  The markets are strongly anticipating the UK to vote to stay in the EU, even though polls remain very tight. 

Given that leveraged participants and speculators have rallied sterling more than nine cents from last week's lows. This makes us wary of the risk that profit-taking pressures emerge if the referendum goes according to market expectations.  

The markets are ill-prepared for a vote to leave the EU. A dramatic move in the market in such circumstances could spur officials action.  

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