COT data of Jan 8th 2013 - British Pound [BP]

British Pounds - Total o/i was lower again, at 165584, but spreads were up, at 982. 

Nett differences:

Commercials -43421 (from -61235).  Large Specs +25949 (from +36308).  Small Specs +17292 (from +24927). 

Although the nett differences showed a considerable change from the previous week, the share of the total o/i held by each class did not alter much (see below). 

 

Proportions:  

Commercials (54.5% of total o/i) - 41.3% of Longs, 67.6% of Shorts, balance minus 26.3

Large Specs (28.9% of total) - 36.8% of Longs, 21.0% of Shorts, balance plus 15.8

Small Specs (16.6% of total) - 21.9% of Longs, 11.4% of Shorts, balance plus 10.5

Commercials made big changes to both longs and shorts, increasing the former and reducing the latter.
Large Specs went the opposite way, reducing longs and increasing shorts, with Small Specs acting in
similar fashion, although to a lesser extent.

Thursday's big rally from the 1.60 area may have changed things, but based on the figures above, and considering the move by Commercials to a much reduced nett short,  we are now considerably less negative on the Pound.