GBP/USD - 1.6480 .. Despite intra-day brief rise to 1.6566 at European opening, cable has fallen fm there in part due to cross trading in sterling (which sent eur/gbp higher) n also selling fm Asian names. There was little market reaction to the release of U.K. trade data, which showed the trade deficit narrowing slightly to 6.47 billion pounds in July fm a revised 6.52 billion pounds in the previous month (consensus forecast was for a deficit of 6.29 billion pounds). Bids are tipped fm 1.6430 down to 1.6400 while on the upside, offers remain further out at 1.6580/90 with stops placed abv there...