• Off 0.05% in a 1.2908-1.2933 range with modest FX Matching flow

• Broad UK pay settlements fell to 3.2% from 3.5%, the lowest since Feb 2022

• Lower pay settlements, though can be volatile, are good news for the BoE

• Britain hopeful tonight's US tariffs will be reversed with an economic deal

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

• Daily momentum studies ease - the Feb/March uptrend remains stalled

• 1.2935 21-day moving average is a magnet - 1.2808 200 DMA is pivotal support

• This week's 1.2971 high and the 1.3015 2025 trend top are first resistance
Andy

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