• Sterling partly recovered from its risk-off slide to 1.2346

• That low is right by the up TL off March 24 and May 4 lows

• Firmer Treasury yields post-payrolls and early derisking weighed

• But S&Ps recovered after holding last week's lows, aiding GBP

• A close above 1.2400 is needed to shake off Monday's weakness

• If the up TL, Tues at 1.2358, is closed below, the 21-DMA is next

• Weekly close above 1.2450 is key for failed Dec-Jan peaks breakout

• US CPI on Wednesday is the next major event risk

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