COT data of July 31st, 2012 - British Pound [BP]

British Pounds - Very similar comments to previous - last Tuesday's close, at 1.5680, continued the see-saw pattern seen since early June - the Pound was up from the previous week, but still remained inside the recent range. 

Total o/i (at 110770) was noticeably lower, but spreads (1128) were barely changed, keeping the proportion of the total at 1.0%.

Nett differences showed Commercials +12141 (from +17392), and Large Specs -1810 (from -2934), with both moving still closer to neutral - again, a possible sign of increased uncertainty. Small Specs reduced their nett short, at -10331 (from -14458).

 

None of the figures, whether the netts or the proportions, give much indication of future direction, with the previously interesting Small Specs adding to longs and reducing their out-of-balance shorts. Their proportion of the total was slightly higher, at 20.2% (previously 19.8%), but their nett proportion was very manageable at minus 9.4 (from minus 12.6) - made up of 15.5% of total Longs and 24.9% of total Shorts.

Commercials reduced Longs considerably, with 56.0% (from 61.0%) of total Longs, and reduced their Shorts, but to a lesser extent (holding 44.9% compared to 45.9%); Large Specs held 28.5% (from 25.5%) and 30.2% (from 28.0%) respectively.



With none of the figures providing particular guidance, we take refuge in a neutral stance for the time being.