• EUR/GBP price action remains tepid in holiday-thinned trade

• Recovery stumbles at Dec high (0.8326)

• Further hurdles at 0.8370 (100DMA), 0.8384 and 0.8440 (200DMA/Nov high)

• Should keep downside bias intact, also aided by EU/UK yields

• Though, GBP remains vulnerable to a dovish repricing

• Probability of a Feb cut at 60%, while 2 cuts are priced for next year

• Softer activity data would open door to more policy easing than priced

• In turn, key focus remains on next set of tier 1 UK data releases

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