Cable has traded a modest 44 pip range thus far Monday: 1.2414-1.2458

The peak of that range is 16.5 pips shy of last week's high (April 19)

Friday's low was 1.2368, before S&P revised up UK outlook to "stable"

BoE's Broadbent is due to speak on Tuesday at 0900 GMT nL1N36R0RL

Fed and BoE are both expected to raise interest rates by 25 bps in May

IMM speculators flip to first net GBP long position since Feb 2022