British Pounds - Total o/i 202115, spreads 2687 (1.3%). Closing price March 25th 1.6530
Nett differences: Commercials -42415 (from -39383) Large Specs +29724 (from +25536) Small Specs +12691 (from +13847)
Commercials (61.9% of total o/i) - 51.3% of Longs, 72.6% of Shorts, balance minus 21.3
Large Specs (26.0% of total) - 33.5% of Longs, 18.6% of Shorts, balance plus 14.9
Small Specs (12.1% of total) - 15.2% of Longs, 8.8% of Shorts, balance plus 6.4
Commercials have continued to reduce their longs, and also cut their shorts, but only on an outright basis - proportionately (because of the lower total o/i), they have added to shorts. On balance, they are shorter than normal. Large Specs have moved slightly longer, while Small Specs have reduced positions altogether.
None of these positions are extreme, probably reflecting the overall lack of direction in the market. However, with not much further change in the Dollar Index COT (where Commercials have remained nett long), we stay with a bearish view for the Pound.