BRITISH POUND/USD COT Report

Neutral – Lower Value Being Tested

Price and institutional positioning are not aligned.

Price Action

• Current Week (2026-03-03 → 2026-03-10): ▲ +0.11%
• Previous Week (2026-02-24 → 2026-03-03): ▼ -0.64%
• Pre-cutoff POC (2026-03-03 → 2026-03-10): 1.33
• Post-cutoff POC (2026-03-10 → 2026-03-13): 1.32
• Friday 3PM price (2026-03-13): ▲ 1.3240
• Friday vs Post-cutoff POC: +0.0040 (▲ +0.31%)

What's Changed?

• Open Interest — 413,743 (▲ +112,018 WoW)
• Asset Managers — 33,846 long / 154,150 short → -120,304 net (-29.1% of OI)
• Net ▲ increased by 736 contracts
• Leveraged Funds — 49,565 long / 26,731 short → +22,834 net (5.5% of OI)
• Net ▼ reduced by 7,113 contracts
• Swap Dealers — 110,217 long / 10,068 short → +100,149 net (24.2% of OI)
• Net ▲ increased by 4,724 contracts
• Other Reportables — 0 long / 0 short → +0 net (0.0% of OI)
• Net ▼ reduced by 145 contracts

Positioning Summary

• Asset Managers increased net exposure during the reporting week.
• Leveraged Fund activity was heavily skewed toward spreading, muting the directional signal from net positioning.
• Dealer spreading increased, indicating active internal hedging amid elevated trade flow.
• Open interest increased, indicating expanding market participation.

Risk Flags

• Post-cutoff trading accepted lower prices than the COT inventory range.