• Cable rises to 1.3371 as USD continues to suffer on Moody's U.S. ratings cut

• 1.3371 is 5.5 pips shy of May 7 top. 1.3251 was Friday low, pre-Moody's news

• Pound benefits from EU-UK deal news; GBP/EUR up to intra-day high by 1.19

• Offers may emerge near 1.34 if GBP/USD ascent extends (1.3402 was May 6 top)

• UK April inflation data due on Wednesday; CPI is forecast to jump to 3.3% YY

• CFTC data: net GBP long fell for first time in 4 weeks in week ended May 13

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