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GBP/USD has traded in a relatively tight...>

STERLING
STERLING: GBP/USD has traded in a relatively tight range (1.3417 - 1.3449) in
Europe ahead of today's BoE rate decision at 1200GMT. Ahead of that, at 0930GMT,
UK retail sales are expected to accelerate to +0.4% m/m, +0.2% y/y ex auto fuel.
With Black Friday & Cyber Monday sales in November, a bounceback in retail
spending is expected after a poor October turnout. BRC sales figures for
November jumped to +0.6% from -1.0%. Nonetheless, consumer confidence remains at
the weakest levels since 2013 with inflation expectations continuing to rise. 
POSITIONING: Sterling shrugged off political uncertainty courtesy of a defeat
for PM May in the House of Commons last night and GBP/USD remains higher by
circa 0.4% on the week. CFTC data still shows GBP speculators hold a
historically high net long position despite lacklustre performance against both
the EUR and USD. 

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