• Cable has traded a 23.5 pip range thus far Friday; 1.3182-1.32055

• 1.3182 is also the low water-mark since Thursday's 1.3219 high

• Ascent to 1.3219 influenced by lower chance of July Fed hike after U.S. PCE data

• 1.3152 was Thursday's low, pre-PCE data (1.3140 was 7-month low Wednesday)

• There are large 1.3200-10 option expiries for the 10am ET NY cut

• Oil prices lower even though a cargo vessel was hit near Oman on Thursday

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