The split of open positions showed Commercials reducing their nett long to 8401, from 20094, and they held 62.7% of the total long o/i, down from 64.9% - although the number of contracts rose. More significantly, they increased their shorts considerably, holding 57.3% of the total (up from 51.1%), with the number of contracts up considerably. Nett balance fell to plus 5.4, from plus 13.8.
Large Specs added to longs and reduced shorts, holding 21.2% and 29.6% respectively (nett therefore minus 8.4, from minus 12.9 the previous week). Small Specs acted similarly, taking their percentage of shorts down to a lowish 13.1%, and going long overall.
The changes suggest that the current price improvement may not carry far - Sterling bulls should probably raise their trailing stops.