• -0.15% near the base of a 1.2001-1.2035 range with modest flow on D3

• USD firmer, as risk appetite sours, E-mini S&P -0.3%, 10yr UST +3bp 4.025%

• No tier 1 UK data or significant scheduled BoE speeches today

• Setup suggests that risk appetite and the U.S. dollar will lead sterling

• Charts - 5, 10 & 21 day moving averages coil, momentum studies flat line

• 21 day Bollinger bands contract - signals suggest further consolidation

• 1.2059 21 DMA tested twice, but held in February - close above positive

• 1.1915 February low initial support - 1.1842 2023 low is pivotal

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