• Flat after closing +0.4% with the USD off 0.3%, as US economic growth eased

• GBP bid despite rising spreads, 10yr gilt +3bp 4.369%, 10yr UST +5bp 4.706%

• Weak UK April retail sales due to Easter in March, but supplier orders fell

• There are no UK data or BoE events so the USD and risk appetite lead GBP

• Charts; 5, 10 & 21-day moving averages coil, 21-day Bollinger bands slip

• Daily momentum studies rise - charts no longer have a bearish bias

• Close above 1.2522 21 DMA and 1.2526 0.382% Mar/Apr fall would be bullish

• NY 1.2457 low and 1.2526 0.382% Fibo are the initial support/resistance

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