• Off 0.15% with the USD up 0.2% after Trump's metal tariff proposals

• UK jobs market shows signs of cooling - biggest drop since August 2020

• There is no significant UK data today, so the USD will likely lead GBP

• Charts- 5, 10 & 21-day moving averages coil, as 21-day Bolli bands contract

• Daily momentum studies crest or fall - a neutral setup at familiar levels

• 1.2370 21-day moving average and last week's 1.2249 low are initial supports

• Last week's 1.2550 high and then the 1.2616 2025 top are first resistance

• A close below the close of 1.2370 21 DMA would be a negative signal
Andy

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