COT data of April 10th 2012

British Pounds - Last Tuesday's close was 1.5860, showing yet again little change from the previous week. The total open position rose a little, to 145522 (from 142660), but Spreads were again minimal, at 286 (from 160).
However, the split of open positions is gradually returning to more normal levels - Commercials increased their nett long to 20094, from 6983, and they held 64.9% of the total long o/i, up from 61.6%. More significantly, they reduced their shorts considerably, holding only 51.1% of the total (down from 56.7%).
Large Specs added to shorts, and now hold 33.4% of the total (from 26.7%), while remaining with a 20.5% share of total longs - this gives them a rather high 27% share of the total o/i.
Small Specs reduced both longs and shorts, and went nett short overall.
The changes suggest that the recent period of sideways movement may be coming to an end, with Sterling bulls seeing some reward.