• -0.05% after closing up 0.05% with the U.S. dollar up 0.25% with UST yields

• Rise in UK services PMI compensated for the fall in manufacturing PMI

• The upcoming budget is expected to show an economic growth downgrade

• BoE Gov Bailey said AI could jolt the UK and the world out of slow growth

• Charts - 5, 10 & 21-day MAs coil, as 21-day Bollinger bands contract

• Daily momentum studies crest - the Feb/March uptrend has stalled

• Yesterday's 1.2883 base and then the 1.2862 21-day moving average support

• The 1.3015 trend top, then the 1.3046 high in Nov 2024 are first resistance

• A close below the 1.2862 21-day moving average would be a negative signal
Andy

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