As Ryan pointed out just now traders are looking to see past the recent turmoil and try and make sense of the bigger picture
It's a muddy one for sure right now with equity markets still in the balance and now currencies are starting to break out of recent correlations
European equities are soft this morning albeit not making further losses since the opening but we're still seeing euro retreats and others doing their own thing, ie USDCAD falling back to 1.3272 from 1.3353 despite no real help from oil prices
It seems though that commodity currencies generally are finding support in the dips albeit still at very low levels
Amongst it all we have GBPUSD being pinged around by this uncertainty and EURGBP moves which have been lively to say the least
Cable currently trying to hold above 1.5650 where we've had decent bids chewed through to post 1.5649 so far. Currently 1.5660 it appears the buyers are winning for the moment
Earlier I noted strong demand around 1.1450 on EURUSD and if this breaks we can expect further follow through on that and cable, EURGBP notwithstanding which has good demand so far at 0.7300
