EUR/GBP hovering around 0.8400 handle ahead of UK jobs report

After yesterday's move back above 0.8400, the EUR/GBP cross struggled for direction on Wednesday and seems to await fresh impetus from UK employment details. 

The British Pound continued to witness intense selling pressure on increasing prospects of BOE monetary easing at its meeting in August. Sterling also ignored strong CPI print for June, released on Tuesday. 

Meanwhile, the shared currency outperformed its British counterparts as traders seemed reluctant in taking positional bets ahead of Thursday's ECB monetary policy meeting. 

On the economic data front, short-term traders will now eye the release of UK jobs report for June. Any further disappointment from UK labor market would continue to keep the British Pound suppressed and could also assist the EUR/GBP cross to build on to its gains recorded in the previous session.

Technical levels to watch

Sustained weakness below 0.8400 handle is likely to get extended immediately towards 0.8370-65 horizontal support, below which the pair seems to resume its near-term corrective move and drop back to 0.8300 handle before heading back towards recent swing lows support near 0.8250 region.

On the flip side, 0.8435-40 area now seems to act as immediate resistance, which if conquered would confirm resumption of the pair's prior bullish trend and help the pair to move back above 0.8500 psychological mark and aim towards retesting recent closing highs resistance near 0.8580-85 area.