• Cable has traded a 45.5 pip range thus far Monday; 1.3281 = intra-day low

• 1.3281 is six pips above Friday's low (plumbed before UK retail sales beat)

• Intra-day high is five pips shy of Friday's Ldn/NY session high

• CFTC data: net GBP long rose for first time in 4 weeks in week to April 22

• UK local elections Thursday; Farage's Reform UK Party set to do very well

• BoE interest rate decision next week (May 8); 25 bps cut to 4.25% expected

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