Cable: Aug10 NY range..............>

STERLING SUMMARY: Cable: Aug10 NY range $1.2971-1.3013. Aug11 Asia open $1.2977,

range $1.2974-99. Current $1.2997(0440GMT)

* Eur/Gbp: NY range Gbp0.9012-75. Asia open Gbp0.9069, range Gbp0.9060-69. 

* Cable recovered off Thu low of $1.2952 to $1.3013 in early NY then drifted off

to $1.2970 before it settled around $1.2980.

* Eur/Gbp had touched a low of Gbp0.9009 pre NY then tracked Eur/Usd recovery to

Gbp0.9075.

* Move up in the cross had pressed back on cable then countered any recovery

hopes in the NY session. 

* Cable consolidated between $1.2974-85 in early Asia then picked up demand

which took it to $1.2999 ahead of Europe.

* Risk off plays continued in NY/Asia, sales of Gbp/Jpy provided a counter to

sterling recovery efforts.

* Focus on US CPI for next directional impetus. Median 0.2%mm, 1.8%yy; core

0.2%mm, 1.7%yy.

* Cable support $1.2970, $1.2950. Resistance $1.3015, $1.3030.