Having dropped 2.5 cents from the NY close, EUR/USD is seeing a bit of short-covering as dealers look to book some profits after a relatively pain-free ride during the ECB press conference. The rest of the session will likely be focused on stock markets and comments coming out of Capitol Hill. Trailing stops are clustered above 1.3850 resistance around 1.3865EUR/USD consolidated at 1.3805 after making a 1.3746 low.
In Cable, dealers note good selling from US accounts in the last hour. Earlier in the session, central banks were solid buyers of the pound toward 1.7650. That level could provide resistance in the near-term.
