• Off 0.1% with risk/stocks, in a busy 1.2034-1.2061 range on D3

• UK firms plan biggest pay rises since 2012 to fill staff gaps

• Public sector pay rises fell to 2% from 3% - private sector +5%

• This will be a major concern for the BoE, as inflation becomes entrenched

• Charts; 10 & 21 day moving averages head lower, 21 day Bolli bands expand

• Momentum studies conflict, net bearish setup after recent consolidation

• 1.1984, 76.4% 2023 rise held on the close last week - resilient support

• 1.2133/37 - 10 DMA capped last week and London top Friday, first resistance

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