• Trades 0.1% higher at the top of a 1.2438-1.2458 range - busy on FX Matching

• NIESR expects only one cut of 25bp by the Bank of England in 2025

• GBPIRPR prices 60.71 points in Bank of England cuts by the Dec 18 meeting

• There is no tier one UK data - US Core CPI m/m leads event risk

• Charts- 5, 10 & 21-day moving averages coil, as 21-day Bolli bands contract

• Daily momentum studies flat-line - a neutral setup at familiar levels

• Yesterday's 1.2332 base and then the February 1.2249 low are initial support

• Last week's 1.2550 high and then the 1.2616 2025 top are first resistance

• Close above yesterday's 1.2455 high would confirm the bullish outside day
Andy

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