The last time the market got down towards these levels we saw some large bids out of the Middle East. They were buying at .8770/80 and more bids were expected around .8750. If you’re thinking of buying dips with your stop below the previous low, it might be a good idea to lower your stop by 50 pips. Sentiment has swung around in favour of the pound and against the EUR so further moves lower look very likely in the near future. Nevertheless, price is important and a broad .85/.925 holding range should contain all ‘noise’ for the moment.