GBP Net Positions Narrow as Speculative Pressure Eases

The latest Commitments of Traders (COT) report from the Commodity Futures Trading Commission (CFTC) shows that non-commercial traders' net short positions in GBP futures contracts have narrowed by £10.1K, moving from -£54.6K to -£44.5K.

This improvement indicates a reduction in speculative bearishness against the British pound and suggests that some traders are starting to see value in the currency.

The COT report is published weekly by the CFTC and provides a breakdown of the trading positions of different market participants, including hedgers and speculators. The 'NC' in the data refers to non-commercial traders, which includes hedge funds and other speculative investors.