GBP/USD - 1.6278.. Despite moving higher in tandem with initial rebound in euro at Tokyo opening, cable re-tested y'day's NY 1.6309 high but was unable to clear offers at 1.6305/10 ( more at 1.6320/30). Expect sideways trading with bids at 1.6250/60 n some stops fm late longs placed below there, we believe y'day's rally abv 1.6242 was speculative buying n if cable can't make further strg headway abv 1.6325 today, then a drop back below 1.6200/1.6195 wud trigger a wave of stop selling - let's wait n see.