COT data of May 22nd 2012

British Pounds - Tuesday's close: was lower, but it looks like the downtrend may be ending.

Total o/i was down, at 184497, with spreads up, at 0.5% of the total - suggesting slightly increased indecision. 

Commercials raised their share of total Longs considerably, to 63.3% (from 51.5%), and reduced their share of Shorts to 72.1% (from 75.0%). Nett therefore was minus 8.8, a marked change from the previous 23.5 . Large Specs moved to 22.3% of total Longs (from 28.9%), and to 16.1% of total Shorts (from 16.3%) - small changes, but moving the nett to plus 6.2, from plus 12.6.  If the market starts to move higher, they may hurry to get long again. Small Specs went down to 14.4% of total Longs (from 19.6%), but their total Shorts went up to 11.8% (from 8.7%). Nett differences were all sharply reduced - Commercials minus 16179 (from minus 46722), Large Specs plus 11340 (from plus 25021), and Small Specs plus 4839 (from plus 21701).

Overall, a change in trend looks due some time fairly soon.