British Pounds - Total o/i 208112; spreads 3589 (= 1.7%). Closing price on Jan 21st 1.6475
Commercials -23819 (from -28148) Large Specs +8720 (from +11160) Small Specs +15099 (from +16988)
Proportions:
Commercials (59.7% of total o/i) - 53.9% of Longs, 65.5% of Shorts, balance minus 11.6
Large Specs (25.5% of total) - 27.7% of Longs, 23.4% of Shorts, balance plus 4.3 Small Specs (14.8% of total) - 18.4% of Longs, 11.1% of Shorts, balance plus 7.3
Proportionately very little change from the previous week, although Commercials have again reduced their shorts and Large Specs again added to theirs. Small Specs continue to hold a comparatively large share of total open position, which might explain current erratic price swings. With the Pound having rallied up to around 1.6670 since the COT figures were published (before falling back to Tuesday night's level again on Friday), we'll stay with our recent opinion - that up is more likely than down at present.
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