Data from the latest Commitments of Traders report show that speculative sentiment toward the British pound has turned less negative, with net short positions in GBP futures and options narrowing. As of 10 July 2026, CFTC GBP speculative net positions improved to -87.9K contracts from a previous level of -102.1K.
The shift indicates that while traders remain broadly bearish on sterling, some market participants have reduced their downside exposure. The move away from extreme net short positioning may suggest a degree of short covering or tentative repositioning as investors reassess the outlook for the UK currency. However, with net positions still firmly in negative territory, speculative flows continue to lean against the pound rather than signaling a bullish turn.
Market watchers will be focusing on upcoming UK economic data and central bank signals to gauge whether this moderation in bearish GBP bets marks the start of a more sustained repositioning or a temporary adjustment within an ongoing negative trend for sterling.
