• Off 0.25%, at the base of a busy 1.2384-1.2423 range as risk slid in Asia

• Asian stocks are lower, as are commodities - e-mini S&P -0.2% - no catalyst

• A quiet day for event risk in London - the USD and risk appetite to lead GBP

• Charts; momentum studies rise, 5, 10, and 21-day moving averages climb

• 21-day Bollinger bands expand - signals favour further gains

• 1.2590 50% retracement of the July-October fall is a longer-term target

• Wednesday's close below pivotal 1.2442 200 DMA undermines the topside bias

• 1.2327, 38.2% of Oct/Nov rise, and this week's 1.2506 top are key levels

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