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

British Pounds - (NB all figures were taken at the close of Dec 31st, owing to the holiday break). Total o/i on Dec 31st was lower, at 174676, with spreads remaining very low, at 129. 

Nett differences:

Commercials -61235 (from -62763).  Large Specs +36308 (from +37321).  Small Specs +24927 (from +25442).   

Proportions:  

Commercials (53.6% of total o/i) - 36.1% of Longs, 71.2% of Shorts, balance minus 35.1

Large Specs (29.2% of total) - 39.6% of Longs, 18.8% of Shorts, balance plus 20.8

Small Specs (17.2% of total) - 24.3% of Longs, 10.0% of Shorts, balance plus 14.3 

Commercials reduced both logs and shorts, but on balance went a shade shorter. Large Specs also reduced both longs and shorts, going very slightly longer on balance. Small Specs added to both longs and shorts, with little change showing up on their proportionate share - plus 14.3, from plus 14.1. However, they now hold a comparatively large share of the total o/i, at 17.2%.

There is nothing here to change our opinion - negative on the Pound.