• Some calm returns but jury remains out

    After the panic and so-called Black Monday fallout we've seen some calm/reality-check return to markets but the basic issues haven't gone away so what we're seeing is simply some correction/gap-filling to what have been some over-cooked moves. That's not to say the world is not in an extremely fragile place still so caution is understandably the name of the game.

    GBPUSD has now tested 1.3000 on the retreat as USD generally rallies overall but not a one-way move by any means. EURGBP duly held 0.8650 (GBPEUR 1.1560) and has rallied nicely to test 0.8750 (1.1430) before falling again.GBPJPY has been back up to test 137.00 as USDJPY finds decent demand but sellers remain poised on both.

    I stay poised to sell GBP rallies and buy back in the dips as ever.

    USDJPY has been back up to test 105.00 and fill a few gaps along the way before fdaling back to 103.80. Now back up to 104.70.EURJPY has failed above 119.00 but finding support into 117.00 on the decent USDJPY dip support and calmer risk conditions. EURUSD rallied again but this time failed at 1.1480 then falling back to 1.1330 amid the general correction. USDCHF has been up to 0.9375 as EURUSD fell but with EURCHF holding 1.0560 with the SNB ever poised.

    AUDUSD rallied to 0.6683 before running out of steam and tumbling back to 0.6580 before a smaller rally then further fall to 0.6544 as the reality check continues both sides of the price. USDCAD held 1.3500 on its own retreat and been back up to 1.3700 but the jury remains well n truly out amid the unknowns on oil price.

    Fickle Forex markets ever prevailing so be ready to jump on moves with your entry/exit levels and orders as always. Caution advised as ever if you're not sure.

    Lots going on right now, and the foreseeable future, so don't forget that I offer 1-2-1 mentoring if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

    Have a good day one and all. Let's be careful out there as ever.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 08.50 GMT

    GBPUSD 1.3057

    EURUSD 1.1365

    EURGBP 0.8702

    GBPEUR 1.1490

    GBPAUD 1.9872

    GBPCAD 1.7857

    GBPJPY 136.45

    GBPZAR 20.6294

    GBPHKD 10.1231

    USDJPY 104.48

    USDZAR 15.8179

    EURJPY 118.72

    EURCHF 1.0585

    EURHKD 8.8130

    AUDUSD 0.6571

    USDCAD 1.3677

    USDCHF 0.9318

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