• 0.05% softer after closing up 0.75% with the USD off 0.9% - EUR/GBP +0.55%

• UK fin min to speed up defence contracts - hopes to avoid U.S. tariffs

• Ukraine heads the news - expected to sign a minerals deal with the U.S.

• There is no tier-one UK data or BoE events, so risk appetite, USD lead

• Charts - 5, 10 & 21-day MAs climb, as 21-day Bollinger bands expand

• Positive daily momentum studies - the bounce leaves a bullish setup

• Tuesday's 1.2679 low and then the 1.2586 21-DMA are initial support

• 1.2786 200-day moving average under pressure, 1.2810 Dec top next resistance

• A sustained break of the 1.2586 21-day moving average ends the topside bias
Andy

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