Soros did manipulate the Sterling in 1992, but today the FX markets are many times bigger now than in 1992...this means that Soros is nowhere near big enough to control that market. The Pound is getting pounded because the credit crisis in Britain is worse than it is over here if you could imagine. Brits were even more levered on their personal balance sheets than people in the US - amazing! They got big problems. So does the rest of the world.