British Pounds - Total o/i 145387; spreads 2929 (= 2.0%).
Commercials +56196 (from +62370) Large Specs -46033 (from -49463). Small Specs -10163 (from -12907).
Commercials (51.2% of total o/i) - 70.9% of Longs, 31.5% of Shorts, balance plus 39.4
Large Specs (31.7% of total) - 15.5% of Longs, 47.8% of Shorts, balance minus 32.3Small Specs (17.1% of total) - 13.6% of Longs, 20.7% of Shorts, balance minus 7.1
Prices moved erratically higher, but the Open Position changes by last Tuesday suggest that the current rally may not have much further to go - Small Specs (our normally contrarian indicator) have added to longs, while the previous week they had been reducing shorts, and Commercials (who we tend to follow in this market) have reduced longs considerably while also adding slightly to shorts. On this basis, we are becoming less positive on the Pound.