EUR/GBP remains under pressure, below 0.8500

EUR/GBP reached fresh monthly lows on Wednesday. The pair remains below 0.8500. Still holding a strong bearish tone as it consolidates under 0.8500. 

Earlier today, during the Asian session the euro attempted to recover ground but failed to hold above 0.8500 and weakened. It bottomed at 0.8475, the lowest since February 27. Currently, it trades at 0.8480, headed toward the lowest close in a one and a half months. 

Today’s UK jobs data had little impact on the pair. It modestly boosted the pound after the numbers showed that Average Earnings rose more than expected during March.

UK March jobs mixed: Claimant count surprises negatively, wages pick-up

Technical levels 

To the downside support levels could be located at 0.8460/65 (Jan 27 low) and 0.8450 and 0.8400 (Feb low). On the upside, resistance could now be located at 0.8505 (daily high), 0.8530 (Apr 5 & 7 low) and 0.8545/50 (Apr 11 high).