First rate hike not fully priced in until Jan 2017
Parts of the UK are being hit by severe weather and flooding over the holidays and that will mean a soggy start to the new year.
The market is also less enthusiastic about the potential for inflation next year. Last week's surprisingly dovish comments from BOE hawk Martin Weale have helped to quickly cause a re-think about rate hike expectations that have been repeatedly stoked by an overly-optimistic Carney.
Soft oil and commodity prices along with low wage pressures may keep the BOE on the sidelines all year and that's a major risk for GBP.
On the flipside, for those who believe in the UK economy in 2016, there may be plenty of upside left to price in.
For more on UK rate expectations, Bloomberg is out with a story on what's priced in.
