Steady after closing down 0.15% as markets bring forward the first BoE cut

August BOEWATCH cut fully priced at 28.14bp, up from 22.75 at Friday's close

Recent dovish BoE comments, expectations of a June ECB cut behind the move

PMIs in the UK and Europe today suggest a tight GBP trading range in Asia

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

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