• +0.3% after the USD slid at the Monday open - sterling closed up 0.15%

• There is no significant UK data today, so risk appetite and the USD lead GBP

• Rating agencies will be closely watching upcoming UK data after the budget

• Charts - neutral daily momentum studies, 21-day Bollinger bands slip

• 5, 10 & 21-day moving averages fall - signals show a bearish trending bias

• Thursday's 1.2844 low, then the 1.2665 Aug base are initial supports

• The 1.2999 top on Thursday and last week's 1.3043 high are first resistance

• 1.2945/50 519mln and 1.2970/80 793 mln close strikes for Nov 4th

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