• Cable off its 1.3686 new trend highs in year-end risk reduction flows

• Spiked beyond the upper 30-day Bolli into thicket of L-T resistance

• Pair dragged down by pullback in stocks, year-end rebalancing

• GBP/USD positively correlated to S&Ps that have struggled since Tuesday

• Initial support is from prior December peaks at 1.3620-25

• Close below signals false breakout, room for mean reversion lower

• So far, Brexit trade deal passage, dollar weakness underpin prices

• 21- an 55-day moving averages to support on pullbacks

• Early 2018 monthly lows and 23.6% Fibo of 2007-2020 drop key @1.3712-15

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