• Unchanged after closing down 1.15%, leading the U.S. dollar higher +0.7%
• UK factories reported the sharpest PMI contraction in nearly a year
• Fin Min Reeves - ministers to consider cuts to frontline services, The Times
• Budget constraints will make selling government policies very difficult
• There is no tier one UK data today - U.S. dollar will likely leads sterling
• Charts - daily momentum studies edge lower, 21-day Bollinger bands expand
• 5, 10 & 21-DMAs ease - a bearish trending setup - weeklies remain bearish
• The next stop is a test of the 1.2299 April and 2024 yearly major support
• Thursday's 1.2538 high then this week's 1.2616 top are first resistance
Andy
(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)