Normally, you will not lose the record data you do have in your display by simply moving the sensor. The sensor, of course, does not store data...it only sends it. However, if you disconnect power to the display, you would clear out the data stored in it unless you have battery backup.
Harold is correct, as long as you do not lose connection to the display, then you should not lose your data. However when you move the sensor you may get some erroneous readings such as rainfall when it's not raining. If you need further assistance please contact AcuRite Customer Support at 877-221-1252.