COT data of July 10th, 2012 - British Pound [BP]

British Pounds - Last Tuesday's close, at 1.5520, was lower on the week, but remained inside the recent range - as have prices since then ...

Total o/i (117616) was higher, but not remarkably so, and spreads (880) were also up. Nett differences increased as opinions (on both sides) hardened, but they were still not excessive - Commercials +21648 (from  +13394), Large Specs -7622 (from -5353), and Small Specs -14026 (from -10976).

Small Spec figures remain the most interesting - their proportion of the total was up again, although only slightly, at 21.3%, with 15.3% of the Longs and a high 27.3% of the Shorts. 

Commercials still hold a comparatively low 56.6% of total Longs, and only 38.0% of total Shorts, while Large Specs hold 28.1% and 34.6% respectively. These figures provide little new guidance, but we note that

Commercials are now adding to Longs while still reducing Shorts - taken in conjunction with the short position held by Small Specs, we'll go back to being slightly bullish on the Pound, although not to any major extent.