• Steady early after closing 0.3% lower with the US dollar up 0.35%

• Yield spreads widened, 10yr gilt - 1bp to 4.016%, 10yr UST +4bp 3.909%

• UK final manufacturing PMI unlikely to move GBP - USD and risk appetite lead

• Charts - 10 & 21 daily and weekly moving averages head higher, 5 DMA slips

• 21-day Bollinger bands rise as momentum studies crest - setup still positive

• The uptrend targets a test of 1.3410, 0.786% of the 2021-2022 fall

• Friday's 1.3200 top and then last week's 1.3269 high are first resistance

• The close below the 1.3150 10-DMA is a concern for bulls

• 1.3038, 38.2% of the April/August rice is pivotal support

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