The British pound has shown movement in both directions on Wednesday but is unchanged over the course of the day. GBP/USD is currently trading at 1.3260. This follows strong gains in the Tuesday session. On the release front, the BOE released its quarterly Credit Conditions Survey. In the US, there are no major releases on the schedule. Wednesday’s highlight is Crude Oil Inventories, with the estimate standing at -2.3 million barrels. On Thursday, the US will release two key events – PPI and Unemployment Claims.GBP/USD ratio is showing limited movement on Wednesday. Long positions have a slight majority (52%), indicative of slight trader bias towards GBP/USD moving higher.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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