COT data of Aug 26th 2014 - British Pound [BP]

British Pounds - Total o/i 233435, spreads 4638 (2.0%).  Closing price Aug 26th 1.6545

Nett differences:  Commercials -17413 (from -16001)  Large Specs +15467 (from +13287)  Small Specs +1946 (from +2714)

Proportions:    

Commercials (60.6% of total o/i) -

56.8% of Longs (from 56.6%), 64.4% of Shorts (vs 63.5%), balance minus 7.6 (vs minus 6.9)

Large Specs (27.6% of total) -

31.0% of Longs (from 31.0%), 24.3% of Shorts (vs 25.3%), balance plus 6.7 (vs plus 5.7)

Small Specs (11.8% of total) -

12.2% of Longs (from 12.4%), 11.3% of Shorts (vs 11.2%), balance plus 0.9 (vs plus 1.2) 

Total open interest fell slightly, but there was little significant change overall. Small Specs hold a remarkably small long position, while Commercials remain only slightly short. On this basis, we continue to believe that It could be time to join the Commercials and look for reasons to buy.