• +0.05% - closed +0.8% as UK services and manufacturing beat expectations

• BoE Chief Economist Pill says rate cut some way off, despite recent progress

• Expect the BoE to remain data-driven on the timing of upcoming rate moves

• UK pay settlements edged lower in the first quarter but rose in April

• Wage settlements in April average 5% - will make the BoE cautious on cuts

• Charts; 10 & 21-day moving averages fall, 21-day Bollinger bands track lower

• Daily momentum studies base or rise - charts retain the bearish bias

• This week's 1.2299 low and Friday's 1.2467 top are first support/resistance

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