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USD eked out early gains in London morning trade, but gave back some of the rally in choppy trading. The GBP is the big winner so far, not so much on sharp revaluations of the BoE’s rate policies, but probably taking back some of the oversold positions. The EUR/GBP fell away sharply yesterday and pressed towards 0.74 this morning, still looking for a break below the latter to leave 0.7230/20 in play. Upticks need to hold 0.75 area res. to keep the focus on the downside, early res. layered from 0.7460 to 0.7480 ahead of this. Cable? Still seeing risk for $1.98 and even $2.01 on pullbacks, but the latter may be a touch too far (and hopeful for those who missed selling Cable above $2.00). In the EUR/USD aiming for selling upticks, see if $1.4680 to $1.4720 can hold, with a push below $1.4560 still expected for $1.4300. The latter marks the potential midpoint of a double top, key for any real USD turning play. The yen has been ‘choppy as you like’ so far, but for choice still leaning to Y107.20/106.60 holding on dips. Aiming for a push towards Y108 and then Y109+ here for 112 in time, weathering pullbacks will be key right now. The focus for the afternoon? Trichet and Bernanke, wait and see ?