• 1.3520 is low water-mark for cable since Wednesday's surge to 1.3556

• Surge to 1.3556 (nine-week high) aided by short-covering on UK political news

• UK's incoming PM Burnham to name Mahmood as finance minister, FT reports

• Ed Miliband had been hoping to get the job. Burnham takes charge on Monday

• UK faces £330 billion fiscal problem, think tank says. British Steel nationalised

• UK GDP up 0.1% in May, as forecast. 1.3500 is now a GBP/USD support point

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