GBP/USD ratio is showing little movement on Wednesday. Long positions command a majority (57%), indicative of trader bias towards GBP/USD continuing to move to higher ground.The British pound has posted considerable gains on Wednesday. GBP/USD is currently trading slightly below the 1.31 level. On the release front, NIESR GDP Estimate dipped to 0.3%. Later in the day, the UK will release RICS House Balance, which provides a snapshot of the level of activity in the housing sector. Over in the US, today’s highlight is JOLTS Job Openings. This important employment indicator is expected to edge higher to 5.52 million. On Thursday, the US will release Unemployment Claims.
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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