• Off 0.17% early led by the NZD after dovish RBNZ comments - GBP closed +0.1%

• RBNZ follows the dovish Riksbank after SNB cut last week - pressure on BoE?

• Second-tier UK data suggests risk appetite and the USD likely lead sterling

• Long Easter weekend with the key US Core PCE Friday point to consolidation

• Charts; 5, 10 & 21-day moving averages fall with daily momentum studies

• 21-day Bollinger bands expand - daily charts show a clear bearish setup

• Negative signals target a break of 1.2569, 38.2% of the Oct/March rise

• A close below 1.2569 would open the door to a test of the 1.2517 2024 low

• Sustained break of last Friday's 1.2677 high would suggest a base in place

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