COT published 2nd Sep 2011

BRITISH POUND
Within a lower than normal total O/I (only 96164), Commercials added to longs and reduced shorts, suggesting a steadier Pound to come. However, their nett position (minus 10.9 on balance) is not abnormal - just much less than the previous week (when they were minus 23.5 on balance). So, not a great deal of movement can be expected.
STATS: spreads minimal (0.2%); Commercials held 36.5% of total longs (from 29.1%), 47.4% of total shorts (from 52.6%), and 42.0% of total O/I (not remarkable). Their nett: minus 10.9 (from minus 23.5).
Big Specs held 32.6% of total longs (from 40.1%), 32.1% of total shorts (from 29.3%), and 32.3% of total O/I (lower than recent average). Their nett: plus 0.5 (from plus 10.7).
Small Specs held 30.9% of total longs (from 30.8), 20.5% of total shorts (from 18.0%), and 25.7% of total O/I (highest since mid-June). Nett: plus 10.4 (from plus 12.8). The high level of Small Spec involvement could mean prices bounce around a bit ....