• Cable has traded a 22.5 pip range thus far Thursday; 1.3420 is intra-day low

• 1.3420 is also the low water-mark since Wednesday's 1.3463 high

• UK May flash PMIs due at 0830 GMT; services PMI f/c 51.7, mfg PMI f/c 53

• UK finance minister Reeves announces measures to ease cost of living

• Streeting pledges 'wealth tax that works' in Labour leadership bid, BBC reports

• Bailey says BoE has time to gauge impact of Iran war. Fed minutes

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