• GBP$ held a slight gain in NY afternoon, +0.18% at 1.3554; NorAm range 1.3579-1.3532

• Pair boosted amid broad risk rally as Mideast ceasefire holding, for now; oil -3.5%

• Cable still has work to do above 1.36, GBP$ unable to hold recent intraday rises

• Ratewise, UK inflation, growth, fiscal and political concerns cap despite hawkish BoE tones

• GBP$ res 1.3579 Tuesday high, 1.3658 May 1 ten-wk high, 1.3691 upper 30-d Bolli

• Supt 1.3514 Monday/Tuesday lows & daily cloud top, 1.3475 bruised 100-DMA

• Prudent not to be misled by today's buoyant risk moves as significant conflict headline risk remains

Sterling Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)