• Trades off 0.1% as Trump confirmed U.S. car tariffs after closing down 0.45%

• Fim Min Reeves trimmed her spending plans 10yr gilt closed 4bp lower 4.714%

• UK bond chief announced an 'important shift' away from long-dated issuance

• UK to become 'defence industrial superpower', finance minister Reeves says

• Charts - 5, 10, & 21-day MAs coil, as 21-day Bollinger bands contract

• Bearish daily momentum studies - the Feb/March uptrend is under pressure

• 1.2883 21-day moving average has broken early - 1.2802 200 DMA next support

• 1.2974 high this week and the 1.3015 2025 trend top are first resistance

• A close below the 1.2802 200-day moving average ends the topside bias
Andy

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