• Flat after closing up 0.6% as EU/UK reach a post Brexit trade agreement

• Biden welcomes post-Brexit Northern Ireland deal between Britain and EU

• If the deal becomes fact, it will be an economic positive for UK and EU

• 10yr yield spreads tightened, 10yr Bund +6bp 2.581%, 10yr UST -2bp 3.921%

• Charts; mixed momentum studies, 21 day Bollinger bands track south

• 5, 10 & 21 day moving averages head lower - a negative trending setup

• Well tested falling 1.0634 10 day moving average is pivotal resistance

• Initial target for the downtrend is a test of the 1.0482 2023 base

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