Nomura switched from long EUR/GBP to short GBP/USD position on Friday

The target for the short is 1.22 (cable was last at 1.22 on March 24)

Stop-loss set above 1.30. Nomura sees scope for a squeeze on GBP longs

CFTC data showed net GBP long rose to 50,988 contracts in week ended Aug 15

See: nL1N39Z1VI. IMM speculators have been net GBP long since mid-April

Key UK event risk this week is flash PMIs Wednesday; services PMI f/c 50.8