• Trades off 0.15% at the base of a quiet 1.2196-1.2213 range on FX Matching
• UK business morale sank to a 2-year low in late 2024 - accountants say
• Most business surveys agree the budget hit sentiment and the outlook hard
• Today's CPI inflation data will key for gilt yields and the economic outlook
• Charts - mixed daily momentum studies, 21-day Bollinger bands head lower
• 5, 10 & 21-DMAs slide - weeklies remain bearish - a strong negative setup
• Targets a test of the 1.2038 Oct 2023 low, then the 1.1805 2023 low in March
• Friday's 1.2322 high, then the resilient 1.2440 21 DMA are first resistance
• A close above the 1.2440 21-DMA would be a positive signal
Andy
(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)