Cable: Aug23 NY range..............>

STERLING SUMMARY: Cable: Aug23 NY range $1.2779-1.2819. Aug24 Asia open $1.2803,

range $1.2778-1.2806. Current $1.2785(0449GMT)

* Eur/Gbp: NY range Gbp0.9204-0.92365. Asia open Gbp0.9230, range

Gbp0.9230-0.92335. 

* Sterling remained under pressure through Wednesday trade, cable extended

recent losses to $1.2778 then closed around $1.2800. 

* Eur/Gbp was again the main driver of the pressure on sterling, the cross

extended recent gains to Gbp0.92365.

* Eur/Gbp consolidated these gains through Asia within a tight Gbp0.9230-0.92335

range. 

* Cable therefore tracked Eur/Usd moves through Asia, touched an early high of

$1.2806 then eased to a fresh low of $1.2778.

* Cable recovered and was opening Europe around $1.2787. 

* UK Q2 GDP second read at 0830GMT provides domestic interest(market median

0.3%QQ, 1.7%YY). UK CBI Retail Sales 1000GMT.

* Close below Jul12 low of $1.2812 adds to bearish outlook.