COT data of Feb 5th 2013 - British Pound [BP]

British Pounds - Total o/i was barely changed, at 165369, with spreads very slightly lower, at 3151 (1.9% of the total).

Nett differences:

Commercials +16548 (from +140).  Large Specs +1174 (from +10622).  Small Specs -17722 (from +10762). Commercials moved more vigorously to nett long, Small Specs went further short.

Proportions:  

Commercials (52.4% of total o/i) - 57.5% of Longs, 47.3% of Shorts, balance plus 10.2 

Large Specs (31.7% of total) - 32.0% of Longs, 31.3% of Shorts, balance plus 0.7

Small Specs (15.9% of total) - 10.5% of Longs, 21.4% of Shorts, balance minus 10.9

Commercials once again added considerably to longs while reducing shorts; Large Specs reduced longs but added to shorts, becoming very close to square. Small Specs again reduced longs somewhat, and again added to shorts. All sectors kept close to their previous share of the total market, with the comparatively high proportion held by Small Specs indicating continued choppy trading. 

Even though Tuesday's close was down from the previous week, at a recent low of 1.5660, the market has rallied since then to close on Friday around 1.5800. The latest COT figures, with Commercials going longer and Small Specs going shorter, continue to suggest steadier conditions for the Pound.