• Unchanged early after closing up 0.1%, as post-US jobs gains evaporated

• NY reversal off 1.2634 leaves a bearish shooting star on the daily candles

• Yield spreads unchanged, 10yr gilt -7bp 4.2227, 10yr UST -7bp 4.500

• Steady yields spread likely behind the modest sterling rise at the close

• Conservative government likely short-lived after recent local elections

• Charts; 5, 10 & 21-day moving averages conflict, 21-day Bolli bands contract

• Mixed daily momentum studies - the daily charts show no strong bias

• Friday's 1.2634 high then 1.2666, 0.618% of the Mar/Apr fall are resistance

• 1.2513 10-day moving average and last week's 1.2467 base are first supports

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