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

STERLING SUMMARY
MNI (London)
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. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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