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Decent Bounce, But Still Heavy *RES.....>

CABLE TECHS
CABLE TECHS: Decent Bounce, But Still Heavy
*RES 3: 1.2273 High Mar 17
*RES 2: 1.2130 High Mar 18
*RES 1: 1.1794 Intraday high
*PRICE: 1.1645 @ 16:54 GMT Mar 19
*SUP 1: 1.1453 Low Mar 18 and multi-decade low
*SUP 2: 1.1341 3.0% Lower Bollinger Band
*SUP 3: 1.1323 2.382 projection of the Dec 13 - Feb 28 decline from Mar 9 high
Wednesday's jaw-dropping move in GBPUSD continues to hang on the price despite
the intraday recovery posted Thursday. There's still a considerable possibility
the recent cycle low is re-tested at 1.1453 and this becomes key support.
Long-term charts highlight that the break of the psychological 1.2000 level does
not bode well for Sterling and this has brought into focus the potential for
weakness towards the all time low at 1.0520, the Feb 1985 low. There is no
indication bearish pressure is easing in any way at this stage.

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