Heavy Following 1.2000 Break *RES 4:....>

CABLE TECHS: Heavy Following 1.2000 Break

*RES 4: 1.2425 High Mar 16

*RES 3: 1.2273 High Mar 17

*RES 2: 1.2130 High Mar 18

*RES 1: 1.1663 Intraday high

*PRICE: 1.1561 @ 09:37 GMT Mar 19

*SUP 1: 1.1453 Low Mar 18 and multi-decade low

*SUP 2: 1.1323 2.382 projection of the Dec 13 - Feb 28 decline from Mar 9 high

*SUP 3: 1.1232 4.0% Lower Bollinger Band

*SUP 4: 1.1137 2.618 projection of the Dec 13 - Feb 28 decline from Mar 9 high

A jaw-dropping move in GBPUSD yesterday rivalled only by the day of the EU

referendum blew out key support levels on the way through to multi-decade lows

of 1.1453. 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.