• Profit-taking on longs helps deflate cable from 1.3403 (May high) to 1.3349

• Ascent to 1.3403 was spurred by Moody's U.S. ratings cut, EU-UK reset deal

• 1.3251 was Friday's low. 1.3333 (Friday's high) is now a support point

• Fed's Williams says he has not seen any big move out of U.S. assets

• G7 meeting in Canada Tuesday-Thursday. UK April inflation data due Wednesday

• UK CPI is forecast to jump to 3.3% YY; services forecast at 4.8% YY, vs 4.7%

GBPUSD

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