FxWirePro: EUR/GBP capped below 5-DMA, focus on UK CPI data

• EUR/GBP remains capped below 5-DMA at 0.8422, bias lower.
   
• Nervousness sets into markets ahead of a 2-day FOMC meeting.
   
• Comments from the UK Chancellor Hammond, making a case for a ‘Slower Brexit’ and upbeat Chinese data dump to keep downside limited.
   
• Data ahead in the day that could influence price action in the pair include: 
  - German CPI, which is likely to show the cost of living rose 0.8% y/y in November
  - Zew German Economic Sentiment survey
  - UK CPI report
   
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-on-track-to-test-200-DMA-at-08296-good-to-sell-rallies-444663) is progressing.
   

Recommendation: Hold for targets.
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FxWirePro's Hourly EUR Spot Index was at -19.5994 (Neutral), while Hourly GBP Spot Index was at 94.3338 (Bullish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex