Well, back to the question at hand, this bike looks to be a higher end peugeot, probably a PX-10, due to chrome on front forks and rear stays, nice stronglight crank, painted headlugs, etc. Good stuff. Can you see the remains of a black and green decal, maybe on the downtube above where the the shift levers usually go, or on the seat tube, that says (or maybe said) Reynolds on it? Looking at the pic it looks like there may have been one on the seat tube, but it is pretty much gone.