The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5865 level and was capped around the $1.6070 level.  Traders booked profit at year-end with sterling up significantly from the beginning of the year.  Data released in the U.K. today saw Q3 housing equity withdrawal up to -?4.9 billion from -?6.9 billion.  Most traders believe Bank of England's Monetary Policy Committee remains in a wait-and-see mode and will expand its quantitative easing programs if required.  Monetary policy is expected to remain unchanged until February, however, when Q4 GDP and the latest quarterly inflation report are due.  Cable bids are cited around the US$ 1.5755 level.  The euro moved higher vis-à-vis the British pound as cable tested offers around the ?0.9040 level and was supported around the ?0.8970 level.