Cable: Jul27 NY range..............>

STERLING SUMMARY: Cable: Jul27 NY range $1.3050-1.3153. Jul28 Asia open $1.3067,

range $1.3065-89. Current $1.3075(0438GMT)

* Eur/Gbp: NY range Gbp0.8891-0.8942. Asia open Gbp0.8938, range

Gbp0.89315-0.8941. Current Gbp0.8936(0444GMT)

* Reversal from Thu's high of $1.3159 extended to $1.3050 in NY as the dollar

pared earlier losses on UST yield gains. 

* Cable recovered to $1.3083 before it settled around $1.3065 into the close.

* Eur/Gbp saw a low of Gbp0.8891 early NY then recovered to Gbp0.8942  through

the London fix (end month interest?)

* Cable touched a low of $1.3065 in early Asia before it slowly edged to $1.3089

then eased to $1.3075 into Europe. 

* End month approaching and traders will be wary of any European sovereign

Eur/Gbp demand interest. 

* Light UK calendar. Attention on Germany CPI(state's release from 0700GMT

Saxony - pan German median 0.2%mm, 1.5%yy)

* Main focus on US Q2 GDP first read, market median 2.6%QQ. Core PCE 0.7%QQ.