• Steady after closing down 0.25% with the USD up 0.2% ahead of US tariffs

• Trump raised tariffs on aluminium steel imports from 10% to 25%

• Muted initial response to the tariffs, which have been well-flagged

• BOE Governor Bailey speaks on changes in the financial markets tonight

• Charts- 5, 10 & 21-day moving averages coil, as 21-day Bolli bands contract

• Daily momentum studies crest or fall - a neutral setup at familiar levels

• February 1.2249 low, then 1.2189 lower 21-day Bolli band initial support

• Last week's 1.2550 high and then the 1.2616 2025 top are first resistance

• Close below the 1.2376 21-day moving average is a negative signal
Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)