• Cable has traded a 23.8 pip range since the London open; 1.33695-1.33933

• The peak of that range is 7.2 pips shy of Asian session three-week high

• Pound hit new one-year high vs euro, 1.1718, during the European morning

• Sterling buoyed by positivity towards presumptive UK PM Burnham

• Britain will need vast fiscal tightening to avoid debt spiral, OBR predicts

• BoE is worried about risks hitting simultaneously, Bailey says

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