Some hedge fund managers believe the biggest pre-Brexit referendum gains from bets on sterling are behind us and that, with the vote looming, large traders would be better advised to wait for the result before taking positions, despite the recent surge in shorting of the UK currency.

So far, the most popular trades have been short positions on sterling and some UK companies that would enable hedge fund managers to profit from a fall in their value - something that is widely expected to happen if the Leave campaign succeeds in the June 23 vote on whether the UK should remain in the European Union.