Short exposure in the GBP remains at an extreme according to BNP Paribas FX Positioning Analysis.
The UK data calendar picks up later in the week with the release of the February employment report (Wednesday) and March retail sales (Thursday).
In light of short GBP positioning and cheap GBP valuation, we remain of the view that if sentiment turns more positive around the UK outlook there will likely be a sharp rally in the currency.
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