Is there any preferred orientation or recommended position when installing a Geovane onto the sensor boom

No. Any orientation can be used, since the azimuthal Field of View (FOV) of the Geovane is 360°. The Geovane should obviously be perfectly aligned with the e.g. wind vane (see the user manual how to do this).
It is recommended that the wind vane’s cable is positioned in such a way, that it runs down the side of the Geovane facing

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