British Pound Sterling (GBP/USD): The OI was up by 11% as the specs continued to add to their long in the pound. The total spec long is up over 52K contracts, with the small specs better than a 2 ratio long. Spreading is very light, indicative of small interest in pound options.
In recent weeks the British Pound has become another favourite of the specs. Going back to the COT report from August 14th, specs were short 9,608 contracts of the Pound. They have since reversed their position and are now up to a long of over 52K contracts. During this period there has been a big interest in the total open interest, and it has continued to climb after the cut-off date of the latest report.
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