Cable ascends to 1.2388 on higher than expected UK April services PMI

54.9 vs 53.0 forecast. 1.2388 = intra-day high (1.2332 was early Ldn low)

1.2372 was pre-UK PMI high, as EUR/USD rose on German services PMI beat

Offers expected pre-1.24 if GBP/USD extends north (1.2391 was Monday's high)

BoE chief economist Pill to speak at 1115 GMT. Next BoE rate decision May 9

UK budget deficit overshoots, turning fiscal screw on Sunak government