UK CFTC data showed GBP non-commercial net positions moved to £-79.4K from £-80.4K previously. The shift implies a marginal reduction in net short positioning, leaving speculative accounts still holding an overall bearish stance on sterling.
Futures Positioning as a Market Gauge
In markets, the reading is typically used as a gauge of speculative futures positioning rather than broader cash demand.
Net Figure Remains Negative
While the latest change was positive for the headline balance, the net figure remains in negative territory, indicating that shorts continue to outweigh longs.