I guess we can conclude that much of the selling this morning was under duress rather than fresh speculative shorts….
The bounces have been very modest, barely 30 pips.
Crude remains pressured, particular Brent, which has traded at a huge premium to WTI in recent months. It is down over $7 at the moment.
Sovereign buyers have been seen near the 1.4150 level so far this morning. Technical support is at 1.4125 and 1.4070/75.