Core and roughly chop the ripe tomatoes, removing tough cores.
Peel and chop the cucumber; reserve a few small diced pieces for garnish if desired.
Seed and chop the red bell pepper into chunks.
Peel and chop the red onion or shallots; soak briefly in cold water to mellow if preferred.
Tear the bread into pieces, soak in water briefly and squeeze out excess liquid (optional for body).
In a blender or food processor, combine tomatoes, cucumber, pepper, onion, garlic and soaked bread.
Add 3 tablespoons extra-virgin olive oil, 2 tablespoons sherry vinegar, salt and pepper; blend until smooth.
Adjust texture with cold water or tomato juice to reach desired consistency.
Taste and correct seasoning — add more vinegar or salt if needed; chill the gazpacho in the refrigerator for at least 1 hour.
Serve very cold, drizzled with extra virgin olive oil and garnished with diced vegetables and fresh basil or parsley.