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

British Pounds - Total o/i was up again, at 236181, with spreads also higher, at 4660 (2.0% of the total).

Nett differences:

Commercials +81548 (from +65696).  Large Specs -43849 (from -36130).  Small Specs -37699 (from -29566). Commercials added to their longs on both measures (outright and proportionately), but only added to their shorts on an outright basis. Large Specs made little change to their longs, but added to shorts (reflecting the downtrend in prices), while Small Specs reduced their longs and added to shorts (marginally).

 

Proportions:  

Commercials (59.7% of total o/i) - 77.3% of Longs, 42.1% of Shorts, balance plus 35.2 

Large Specs (25.0% of total) - 15.6% of Longs, 34.5% of Shorts, balance minus 18.9

Small Specs (15.3% of total) - 7.1% of Longs, 23.4% of Shorts, balance minus 16.3

Once again, statistically there seems no cause to change attitude - comments made last week remain valid, with activity continuing in much the same way. One change possibly worth noting is the increase in Spreads - higher figures tend to denote doubt - but the more important numbers show no significant change. It is hard to see why the Commercials are so committed to the long side, but the fact remains that they are ...

We would follow the next major bullish chart signal (although that might not be immediate).