• GBP/USD has traded a 26.5 pip range thus far Thursday; 1.3223-1.32495

• 1.3223 is lowest level since July 1 (1.3220 was the low that day)

• Wednesday low was 1.32235, as 10-year UST yield rose to 5.13% (19-year high)

• Inflation pressures raise risk of another Fed rate hike on October 28

• US energy secretary Wright says diesel export ban won't work

• UK Treasury open to smaller fiscal headroom to reduce tax hikes, FT reports

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