COT data of July 2nd 2013 - British Pound [BP]

British Pounds - Total o/i  131817; spreads 2674 (= 2.0%). Total o/i is picking up, but still on the low side.

Nett differences:

Commercials +46553 (from +21781).  Large Specs -31324 (from -19429).  Small Specs -15229 (from -2352).

Proportions:  

Commercials (43.6% of total o/i) - 61.7% of Longs, 25.6% of Shorts, balance plus 36.1

Large Specs (37.4% of total) - 25.2% of Longs, 49.5% of Shorts, balance minus 24.3

Small Specs (19.0% of total) - 13.1% of Longs, 24.9% of Shorts, balance minus 11.8
 
Prices have continued to fall, but - in spite of what seem to be very good reasons for this to continue - Commercials have started to add to longs and reduce shorts. Small Specs (our contrarian indicator) have done the reverse. Based on these figures, the one-way trend is not as clear cut as previously, and  
we would not over-commit on the short side.