• Off 0.1% at the base of a tight 1.2495-1.2511 range with moderate D3 flow

• UK consumer sentiment returns to a two-year high in the last month - GfK

• Optimism based on falling inflation and hopes of upcoming tax cuts

• There are no UK data or BoE events today - USD and risk appetite lead GBP

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

• Daily momentum studies rise - the daily signals are neutral from bearish

• 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 is the initial support/resistance

For more click on FXBUZ