Still Heavy Despite A Bounce *RES 4:....>

CABLE TECHS: Still Heavy Despite A Bounce

*RES 4: 1.2425 High Mar 16

*RES 3: 1.2273 High Mar 17

*RES 2: 1.2130 High Mar 18

*RES 1: 1.1934 High Mar 20

*PRICE: 1.1727 @ 16:16 GMT Mar 20

*SUP 1: 1.1412 Intraday low

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

*SUP 3: 1.1280 3.0% Lower Bollinger Band

*SUP 4: 1.1230 2.500 projection of the Dec 13 - Feb 28 decline from Mar 9 high

GBPUSD remains bearish following this week's heavy sell-off although the pair is

experiencing a decent bounce Friday. The risk for a continued move lower remains

intact and gains for now are likely corrective in nature. The break of the

psychological 1.2000 level this week does not bode well for Sterling and this

has brought into focus the all time low at 1.0520, the Feb 1985 low. Initial

resistance this morning is at 1.1794, the Mar 19 high.