• Cable has traded a 22.5 pip range thus far Tuesday; 1.3378-1.34005

• 1.34005 is the highest level since June 17 (hawkish Fed hold that day)

• 200DMA helps define that high. 1.3329-1.3397 was Monday range

• CFTC data: net GBP short fell 3% to 102,147 contracts in week to June 30

• Modest dip followed 47% jump to nine-year high in the prior week

• Britain's bond market may limit what Burnham can do as PM

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