Steady after closing up 0.25% with the USD 0.4% weaker as UST yields fell

Yield spreads tightened, 10yr gilt -6bp 3.936%, 10yr UST -8bp 3.768%

Cautious BoE on rates contrasts with the dovish Fed stance, supporting GBP

Strong UK PMI's supports the Bank of England's wary rate cut outlook

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

21-day Bollinger bands contract as momentum studies crest - uptrend holds

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

A close below 1.3038, 38.2% April/August rise would end the topside bias

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