It's a quiet time in markets and London is asleep

It takes a lot of money to fat finger the FX market but if you were to do it, this would be around the time of day.

Combine that with the total lack of confidence in GBP at the moment and it's easy to see a scenario where there are sellers and no bids.

If that's the case, the trade is to buy the dip but it's a seriously risky proposition and the kind of thing you would only think about on the tiniest of trades.

Ultimately, this is going to shake confidence in the pound so the track is still lower. It might recover all the way to 1.26 in the short term but if there was anyone thinking about buying a dip, they will be pulling the bids now.

It's going to be a wild Friday in markets.

Phones are ringing all over London right now and traders are getting dragged back in.