• Steady after closing up 0.8%, with the USD off 1.2% as the Euro surged

• BoE Bailey- UK inflation rise is 'less likely' to create 2nd round effects

• UK employers group cuts its growth forecast over budget costs, trade fears

• Charts - 5, 10 & 21-day MAs climb, as 21-day Bollinger bands expand

• Positive daily momentum studies - This week's bounce leaves a bullish setup

• The 1.2787 200 DMA and then Tuesday's 1.2679 low are initial supports

• 1.3046 range top in November 2024 is the next significant resistance

• A sustained break of the 1.2609 21-day moving average ends the topside bias
Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)