Market Moving News: GBP/USD - Aug 27

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GBP/USD - 1.6230 .. The cable moved sideways in a relatively narrow range of 1.6210-1.6245 this morning in tandem with euro although despite active cross-selling in sterling pushed gbp/jpy to a new 6-week low of 151.74. U.K. nationwide house prices are due out at 06:00GMT with consensus forecast of 0.5% a increase in August compared to 1.3% in the previous month, while CBI distribution trade report will be released at 10:00GMT. Selling interests fm various accounts are now building up in the region of 1.6250-1.6280 with mixture of offers n stops located just abv 1.6300. On the downside, bids (for profit-taking purposes) are noted at 1.6200, 1.6180 n around 1.6150 with demand fm European names only seen further out at 1.6120/30.

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