GBP/USD COT Positioning
How large traders are positioned in GBP/USD futures, straight from the weekly CFTC Commitments of Traders report. Updated within minutes of every Friday release.
What the positioning says
Leveraged funds are net long 43,167 contracts and trimmed that long position over the past week. That leaves positioning at the 90th percentile of its 52-week range — a crowded, stretched reading that has historically been vulnerable to a reversal.
WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches an extreme that has historically preceded a turn.
What moves GBP/USD positioning
Sterling positioning is driven by the Bank of England versus the Fed and by the UK's own growth and political headlines, which can move the pound faster than fundamentals alone would justify. Leveraged funds dominate the speculative swings.
Because the UK is a smaller, more open economy, sterling also trades as a risk-sensitive currency — it tends to strengthen when global risk appetite is high and fall when it sours. Extreme fund positioning around a Bank of England decision is where the sharpest reversals cluster.
This week's report
| Trader group | Long | Short | Net |
|---|---|---|---|
| Leveraged funds | 77,117 | 33,950 | +43,167 |
| Asset managers | 43,569 | 150,902 | −107,333 |
| Dealers | 133,142 | 73,939 | +59,203 |
Contracts held long, short and net as of Sep 1, 2026 (published Sep 4, 2026). Source: CFTC.
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