• Flat after closing +0.4%, with the U.S. dollar off 0.4%, and EUR/GBP steady

• Strong UK wages growth - BOEWATCH prices a 25pt 11 May hike to 4.5000 at 72%

• Likely tight Asian range, sterling likely led by the USD and risk appetite

• Charts; momentum studies slide, 5, 10 & 21 day moving averages conflict

• 21-day Bollinger bands contract - uptrend has stalled - neutral setup

• Close below the resilient 1.2387 rising 21 DMA would be a bearish signal

• 1.2262, 38.2% of the March/April rise is initial significant support

• NY 1.2413-1.2449 range is the initial support and resistance

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