• Cable eases to 1.3365, lowest level since Monday's 38-month high of 1.3445

• Bids may emerge around 1.3350 if decline extends (1.3348 was April 24 high)

• Raft of U.S. economic data in pipeline, including Q1 GDP at 1230 GMT

• ING says minus 0.1% is consensus, after record high U.S. goods trade deficit

• UK local elections Thursday: Reform party could reshape political landscape

• BoE rate decision next week (May 8); 25 bps cut expected

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