Non-commercial traders’ GBP net positions improved from -£54.6K to -£44.5K in the latest COT report, a £10.1K narrowing in net short positions reported by the CFTC (U.S. derivatives regulator). The shift indicates reduced speculative bearishness toward the British pound, although bearish positions still exceed bullish ones. The COT report tracks futures positioning among hedgers and speculators, and analysts often use extreme non-commercial positioning as a contrarian market indicator. The change comes as UK economic data remains mixed, inflation stays above the Bank of England’s target and interest-rate expectations evolve. Traders may monitor whether net shorts continue to decline, while weighing economic releases, geopolitical developments and central-bank decisions alongside positioning data.