• Trades off 0.1% in Asia with a 1.2181 fresh trend low and a 1.2209 high
• UK PM Starmer to outline plan to make Britain a world leader in AI
• Large UK companies plan to cut hiring at the fastest pace since the pandemic
• Another bearish survey, this time from Deloitte, as the budget reverberates
• There are no significant UK data or BoE events - USD/risk to lead sterling
• Charts - daily momentum studies fall, 21-day Bollinger bands expand
• 5, 10 & 21-DMAs slide - weeklies remain bearish - a strong negative setup
• Targets a test of the 1.2038 Oct 2023 low, then the 1.1805 2023 low in March
• Friday's 1.2322 high then the 1.2486 well-tested 21 DMA are first resistance
• Bulls need a close above 1.2486 21-DMA to get excited
Andy
(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)