British Pound (GBP): A Potentially Volatile Cocktail of Heavyweight Data and Politics

celebrating Martin Luther King Day will likely pick up for cable traders with a host of heavyweight economic data releases set to be released. On Tuesday the latest jobs and earnings data , Wednesday sees the release of the December inflation numbers, while at the end of the week the latest look at the UK high street with December retail sales report. All three releases have the potential to move Sterling and should be closely watched.

UK Prime Minister is set for a potentially tricky week ahead with the publication of the findings of senior civil servant Sue Gray’s ‘partygate’ investigation. UK PM Boris Johnson is under increasing pressure to resign from some within his own party, while others are rallying around the PM and giving him public statements of support in a coordinated effort called ‘Operation Save Big Dog’.

The number of traders net-long is 8.54% higher than yesterday and 8.88% lower from last week, while the number of traders net-short is 5.11% higher than yesterday and 6.67% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.

Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further

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