COT reports analysis and market overview for Aug 28 - Sep 3 (GBPUSD)

The British pound remains in the mid-term downtrend, a correction on the Daily timeframe is coming to an end. A pullback buying opportunity will appear in case of bearish candle closing below the resistance level, the highs of August 17-22. The nearest target is the support level with the range from 1.2770 to 1.2800.

The trend direction continues to be combined with the opinion of professionals, COT net position indicator decreases, large speculators are selling. Short positions will remain relevant until the price is below the resistance level of the Daily timeframe, the highs of August 17-22. The next target is the support level, the lows of December 5-8.