Andrew M Spencer

at 4.75% - GBPIRPR prices no change at 92.15% The Monetary Policy Summary will be key for the market response to the BoE Charts - negative daily momentum studies, 21-day Bollinger bands expand 5, 10 & 21-DMAs fall - a negative daily bias, plus weeklies remain bearish Targets a test of the 1.2475 November trend base, then the 1.2446 May low

Steady in a 1.0359-1.0368 range in Asia with risk appetite under pressure E-mini S&P -0.4%, Nasdaq e-mini -0.65%, 10yr Treasury yields -2bp 4.558% There is no significant EZ data or ECB speakers, so the USD will likely lead

Retail sales lead event risk in London - poll +0.5% m/m, +0.8% y/y Charts - negative daily momentum studies, 21-day Bollinger bands expand 5, 10 & 21-DMAs fall - a negative daily bias, plus weeklies remain bearish Targets a test of the 1.2475 November trend base, then the 1.2446 May low A close below 1.2446 would be bearish for a test of the 1.2299 2024 base

A Russia-Ukraine cease-fire would certainly boost sentiment in Europe Charts - daily momentum studies fall, 21-day Bollinger bands expand 5, 10 & 21-DMAs edge lower, weekly moving averages fall - a bearish bias This week's 1.0535 high, then the December 1.0630 top are initial resistance November 1.0331 2024 low, then 1.0195 0.618% 2022/23 rise are first support

with tariffs over oil and gas imports - not a shock VW reaches union deal to cut 35,000 German jobs after

- cautious UK consumers UK current account and final GDP lead data today - unlikely to impact Charts - neutral daily momentum studies, horizontal 21-day Bollinger bands Mixed 5, 10 & 21-DMAs - a neutral daily bias, weeklies remain bearish The 1.2475 November trend base held on Friday - now major support Wednesday's 1.2730 high, then the 1.2810 December top are initial resistance

over oil and gas imports - no real surprise Charts - daily momentum studies base/rise, 21-day Bollinger bands flat line 5, 10 & 21-DMAs edge lower, weekly moving averages fall - a net bearish bias Last week's 1.0535 high, then the December 1.0630 top are initial resistance November 1.0331 2024 low, then 1.0195 0.618% 2022/23 rise are first supports

budget battle looming The situation in France seems to be a mess, but French life goes on Charts - daily momentum studies base/rise, 21-day Bollinger bands expand 5, 10 & 21-DMAs edge lower, weekly moving averages fall - a net bearish bias Last week's 1.0535 high, then the December 1.0630 top are initial resistance

Off 0.05% in a tight and quiet 1.2524-1.2535 range on LSEG FX Matching There is no UK data ahead of the Christmas holiday in the UK - likely quiet Nobody knows what 2025 will bring, but geopolitics suggest it will be busy Charts - daily momentum studies ease, neutral 21-day Bollinger bands

Charts - neutral daily momentum studies, 21-day Bollinger bands expand 5, 10 & 21-DMAs edge lower, weekly moving averages fall - a net bearish bias Last week's 1.0535 high, then the December 1.0630 top are initial resistance November 1.0331 2024 low, then 1.0195 0.618% 2022/23 rise are first supports