• Trades off 0.2% at the base of a fairly busy 1.2195-1.2216 D3 range

• The Average Earnings Index leads data event risk, poll 8.3%, Ex bonus 7.8%

• Whoever wins the next UK election will face a budget bind -IFS think-tank

• Neither the Conservatives or the Labour Party are promising major tax cuts

• Charts; 5, 10 & 21-day moving averages coil, as momentum studies conflict

• 21-day Bolli bands contract- mixed signals suggest a period of consolidation

• Neutral setup leaves last week's 1.2337 high as the first major resistance

• 1.2038, the October trend low remains the initial key support

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