What is the British Pound COT report?

It is the weekly CFTC Commitments of Traders breakdown for British pound (CME): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read British Pound net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the British Pound COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in British Pound?

A bearish divergence is Sterling futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

British pound (CME)

British Pound positioning

Price series: Sterling futures (front month) · positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026

Last weekly close · Sterling futures (front month)

1.3356

Asset managers net position (contracts)

-89,211

No signalJul 21, 2026 → Sep 15, 2026 · 8-week window

Neither price nor positioning has moved enough this window to say anything.

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Sterling futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)19 · stretched short

Near the most bearish this group has been in the window.

Commercial (hedgers)76 · neutral

Leaning long, but not yet at an extreme.

Asset managers37 · neutral

Leaning short, but not yet at an extreme.

Leveraged funds32 · neutral

Leaning short, but not yet at an extreme.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Method credit: the 0–100 normalization goes back to Larry Williams' COT work in the 1980s and was developed and popularized by Stephen Briese, author of The Commitments of Traders Bible.

Asset managers — COT index history (0–100, rolling 3 years window)

Disagreement Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Disagreement Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Disagreement Index · vs last 3 years

Disagreement sits in its normal historical range — nothing stretched.

Current gap (contracts)

+108,089 contracts

Left axis: gap in contracts (positive = Leveraged funds is more net long than Asset managers). Right axis: disagreement index, 0–100. Gap tracks Leveraged funds − Asset managers.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	69,331	128,046	-58,715	+121	19
Commercial (hedgers)	129,681	72,616	57,065	-37	76
Asset managers	45,568	134,779	-89,211	+16,653	37
Leveraged funds	63,991	45,113	18,878	-15,749	32

Signal log — Asset managers

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Convergence — healthy uptrendJun 23, 2026 → Aug 18, 2026price +3.4% · net position +32,184 contracts
Bearish divergenceJun 16, 2026 → Aug 11, 2026price +2.3% · net position -6,395 contracts
Convergence — healthy downtrendApr 21, 2026 → Jun 30, 2026price -1.3% · net position -73,121 contracts
Bearish divergenceMar 31, 2026 → May 26, 2026price +2.0% · net position -7,793 contracts
Convergence — healthy uptrendMar 10, 2026 → May 5, 2026price +2.9% · net position +17,873 contracts
Convergence — healthy downtrendJan 20, 2026 → Mar 31, 2026price -3.1% · net position -15,039 contracts
Convergence — healthy uptrendNov 4, 2025 → Feb 3, 2026price +3.5% · net position +48,986 contracts
Convergence — healthy downtrendSep 9, 2025 → Nov 25, 2025price -2.5% · net position -51,130 contracts
Bullish divergenceAug 12, 2025 → Oct 21, 2025price -1.9% · net position +3,513 contracts
Convergence — healthy downtrendJun 3, 2025 → Jul 29, 2025price -2.2% · net position -66,975 contracts
Bearish divergenceApr 29, 2025 → Jul 8, 2025price +1.8% · net position -12,208 contracts
Convergence — healthy uptrendJan 7, 2025 → Jun 10, 2025price +11.1% · net position +62,392 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.