• Off 0.15 extending Tuesday's 0.41% fall as markets price earlier rate cuts

• Yield spreads widened, 10yr gilt fell 10bp to 4.129%, 10yr UST -2bp 4.461%

• BOEWATCH priced 24.32pts of cuts in August from 22.96 at Friday's close

• Markets are betting on a more dovish tone from the BoE on Thursday May 9

• Charts; 5, 10 & 21-day moving averages plus daily momentum studies conflict

• 21-day Bollinger bands contract - the daily charts show no strong bias

• Resistance starts at yesterday's 1.2568 top then at Friday's 1.2634 high

• The 1.2484 21-DMA and last week's 1.2467 base are the first supports

For more click on FXBUZ