• Cable has traded a 21 pip range thus far Friday; 1.3415-1.3436

• 1.3415 is also the low water-mark since Thursday's 1.3457 peak

• Thursday's peak was scaled on news Israel seeks Lebanon talks

• 1.3484 was Wednesday's five-week high, after Iran ceasefire news

• GBP/USD was sub-1.33 pre-ceasefire news. Thursday's low was 1.3383

• U.S. March CPI data due at 1230 GMT; 3.3% YY f/c. Core f/c 2.7% YY

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(Robert Howard is a Reuters market analyst. The views expressed are his own)