COT data of Jan 14th 2014 - British Pound [BP]

British Pounds - Total o/i  201372; spreads 3215 (= 1.6%). Closing price on Jan 14th 1.6460

Nett differences:
Commercials -28148 (from -36769)  Large Specs +11160 (from +18178)  Small Specs +16988 (from +18591)
 
Proportions:

Commercials (61.0% of total o/i) - 53.9% of Longs, 68.1% of Shorts, balance minus 14.2

Large Specs (24.6% of total) - 27.4% of Longs, 21.8% of Shorts, balance plus 5.6
Small Specs (14.4% of total) - 18.7% of Longs, 10.1% of Shorts, balance plus 8.6

 

Commercials have reduced their nett shorts considerably, mainly by adding to longs (although their proportionate share of shorts is down a shade). Large Specs have done the reverse, adding to shorts while leaving longs unchanged (but again their share of proportionate longs is down slightly). Small Specs have reduced everything, and no longer show extreme positions (although they remain quite long overall). 

Commercials appear to be becoming less bearish, so we shall take the same attitude. (We are influenced to some extent by Commercials moving noticeably short of the Dollar Index.)