• Flat after closing down 0.65% with the USD +0.35%, stronger across the board

• The Bank of England set to cut rates 25pt to 4.25% amid Trump tariff fallout

• BoE to retain the careful, meeting-by-meeting guidance, similar to the Fed

• The tone of Governor Andrew Bailey's press conference is key for markets

• Charts - 5, 10, & 21-day moving averages coil, momentum studies slip

• 21-day Bolli bands contract, no strong bias after 3 weeks of consolidation

• The resilient 1.3434 2024 high caps - break would target the 1.3749 2021 top

• April 23rd 1.3234 low then 1.3169, 0.382% of the April rise first support

• A close below the 1.3169 Fibo support would be a bearish signal
Andy

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