Gbp/usd - 1.4723 ... U.K. Nationwide house prices rose by 0.5% in May, half the rate of the previous 1.0% rise in April. The annual rate of increase was 9.8% in May. Martin Gahbauer, Nationwide's Chief Economist said current supply and demand dynamics were consistent with 'relatively stable to modestly upward trending prices.' The British pound rallied fm 1.4638 to 1.4732 ahead of the strg opening in European equities. Bids are located at 1.4700, 1.4670/80 n further out at 1.4640/50. On the upside, some profit-taking offers are tipped below y'day's high of 1.4771.