The recovery off earlier traded lows..........>

CABLE: The recovery off earlier traded lows ($1.3224) has seen a sharp 30+ pip

recovery to $1.3258 with no real reason behind the move. Amid a backdrop of

political uncertainty markets remain on headline watch ahead of today's UK GDP

data at 0830GMT. Releasing the new monthly GDP format which will see the ONS

produce two estimates, a 3m/3m GDP estimate for the three months to May and a

m/m estimate of May GDP. Analysts are expecting strong GDP growth for May with

the m/m median estimate pencilling in 0.3% growth, and the rolling three month

on three month rate at 0.2%. The trade balance is expected to narrow in May

after April's widening to stg5.3bn. The median of analysts estimates point to a

narrowing of the deficit to stg2.3bn.