Commercials added to their short positions while their longs remained unchanged, taking their share of total shorts up to 61.3%, compared to 57.9% last week and only 39.6% four weeks ago. This made them nett short overall - the first time this has happened for over 12 months.
Big specs went nett long, mainly by adding to longs but also by (moderately) reducing shorts. Small Specs also added to longs and reduced shorts, going almost square as a result. Spreads (only 63 out of a total open position of 142,227) were minimal.
It seems Sterling is fully priced.