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Retail traders have been aggressively buying GBPUSD . Yet, when retail is long and buying more, the GBP/USD normally sells off in the following days. In fact, more long positions don’t necessary suggest more confidence in the direction of the current trend since many of those traders who just entered the markets are also leaving their protective stop losses just below the current price action.

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* Euro firms for second straight day

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KARACHI, Aug 28 (Reuters) - Pakistan’s foreign reserves fell to $9.38 billion in the week that ended on Aug. 23, from $9.57 billion in the previous week, the central bank said on Thursday.

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(Updates with latest market moves, adds reaction to U.S. GDP data, changes byline, changes dateline, previous LONDON)

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KUALA LUMPUR, Aug 28 (Bernama) — The ringgit opened higher against the US dollar today amid the weaker greenback in overseas markets, dealers said. At 9.00 am, the ringgit was stronger against the US dollar at 3.3770/3800 from yesterday’s 3.3800/3830.

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SEOUL -(Dow Jones)- South Korea’s vice finance minister admitted that the government has recently spent a huge volume of dollars to support the weakening local currency by intervening in the foreign exchange market.

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Short term patterns indicate that the US dollar is likely to weaken on balance for the rest of the week.

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After two weeks of congestion, the US 2Q GDP revision numbers will bring volatility and the potential for renewed trends.

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Finotec Group, Inc. , an on-line foreign exchange company whose UK subsidiary, Finotec Trading UK Limited, is regulated by the FSA in the United Kingdom, has announced its World Forex Trading Contest.

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(RTTNews) - Tuesday, India’s foreign exchange reserves are above optimal level at $286 billion according to a recent International Monetary Fund-IMF study, reported the media. It pointed out that the forex accumulation decreased external weakness and the risk of financial corruption.

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