Gbp/usd - 1.5318 ... The British pound extended decline to 1.5308 in European morning on active cross selling in sterling (eur/gbp rose fm 0.8773 to 0.8813 whilst gbp/jpy tumbled fm 139.23 to 136.85). Investors are focusing on the speech fm Bank of England Governor Mervyn King at 09:30GMT n the release of CBI distribution trade data at 12:45GMT. Offers are tipped at 1.5340/45, 1.5370/80 n further out at 1.5400. On the downside, some stops are located at 1.5300 but demand fm real money accounts is noted at 1.5270/75.