• Cable respects 1.2971 (Asia high) on a risk-averse Monday: Nikkei fell 4%

• On Sunday, Trump said his reciprocal tariffs will target all countries

• Starmer and Trump also spoke Sunday. 1.2971 is 3 pips beyond Friday's high

• 1.2923 was Asia low (1.5 pips above Friday's low). 1.2992 was Thursday's top

• CFTC data: net GBP long rose 50% to highest since Nov in week ended March 25

• Goldman Sachs predicts consecutive Fed rate cuts in July, Sept and Nov

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