Cable continues to under-perform today, weighed down by a fresh bout of risk aversion. Options-protection ahead of rumored 1.4000 barrier options is rumored while stop-loss sell orders are seen building on order books just below that level. US equities trade close to their lows amid continued worries over the banking sector in addition to the broader economy. We trade now at 1.4008. Look for a short-covering pop if 1.4000 is not broken soon.