• Steady in a tight but busy early 1.2349-1.2358 range on D3

• Flash PMIs lead data risk in London - composite poll 52.6, last 52.8

• PMIs across Europe and the U.S. should result in a busy offshore session

• 5, 10 & 21-day and week moving averages fall, 21-day Bollinger bands expand

• Daily and weekly momentum studies slip - charts retain the bearish bias

• Signals target a test of the 1.2224, 0.786% October-March rise

• Monday's 1.2391 top and then Friday's 1.2467 high are initial resistance

• Sterling to track lower as negative factors combine

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