Cable fell 680 pips over the twenty trading days in February. Interestingly, there were 10 days of gains and 10 days of losses but no up-day exceeded 85 pips.

It’s the second consecutive month of heavy losses and the pair is down nearly 11 cents year-to-date.

More importantly from a trading perspective, the pair has broken down technically. Barring a half-cent rally in the next couple hours, the monthly close will be below the series of lows in 2011 and 2012. That’s a continue bearish signal.

GBPUSD monthly chart ending February 2013

While a fall below 1.50 will spark some toothaches in Britain, the chart is pointing a test of the 2010 low of 1.4231 or the 2009 low of 1.3503.