• +0.15% towards the top of a 1.2566-1.2590 range with solid D3 flow

• Risk off in early Asia, as PacWest sparked U.S. regional bank fears

• UK council elections will be a major test for PM Sunak's credibility

• Charts; neutral momentum studies, 5, 10 & 21-day moving averages rise

• 21-day Bollinger bands expand - neutral setup is once again positive

• Targets a test of 1.2666 May 2022 top, then 1.2751 61.8% 2021-2022 fall

• NY afternoon 1.2539 low and then early NY 1.2487 base are initial supports

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