COT data of August 7th, 2012 - British Pound [BP]

COT data of August 7th, 2012 - British Pound [BP]

British Pounds - Remained inside the current range, closing last Tuesday at 1.5625. Total o/i (at 115125) was higher, although still on the low side, while spreads (1661) were also up, taking their share to 1.4% (from 1.0%) - also still on the low side.

Nett differences showed Commercials +20011 (from +12141), and Large Specs -8275 (from -1810) - the change shows up better on the 'proportional' figures (see below). Small Specs increased their nett short slightly, at -11736 (from -10331).

Proportionally, Commercials moved from 56.0% of the total long position to 62.2%, while their shorts were almost unchanged, at 44.6% (from 44.9%). Not surprisingly, their share of the total o/i went up a little, to 53.4% - although this remains unremarkable.

Large Specs reduced their share of total longs just as Commercials increased theirs, with 22.7% (versus 28.5% previously). Their shorts were almost unchanged, at 30.0% (from 30.2%), with total commitments falling to 26.4% (from 29.4%). 

Small Specs were little changed overall; with 15.1% (15.5%) of total longs, 25.4% (24.9%) of total shorts, and an unchanged 20.2% of the overall total. 

With Commercials adding to longs, but no major imbalances showing, we revert to a moderately bullish stance on the Pound.