FxWirePro: EUR/GBP price action capped between 50 & 200 DMAs, breakout to provide clear directional bias

• EUR/GBP rangebound in the European session, price action remains capped between 50 & 200 DMAs.
   
• Data released on Tuesday showed Euro area December quarter GDP was revised down from the flash estimate of 0.5 percent to 0.4 percent quarter-on-quarter.
   
• UK annual inflation picked up to its highest level in two and a half years, driven by rising fuel and food prices.
   
• Technical studies are inconclusive. Breakout on either side will provide clear directional bias.
   

Support levels - 0.8447 (200-DMA), 0.84, 0.8333 (Sept 6, 2016 low)

Resistance levels - 0.8493 (5-DMA), 0.8534 (50-DMA), 0.8548 (20-DMA) 

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral    

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -56.6158(Slightly Bearish), while Hourly GBP Spot Index was at -30.4121 (Neutral) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.