8 Jun 2015
EUR/GBP extends gains in early US session
FXStreet (Mumbai) - The shared currency shot up in the early NY session, taking the EUR/GBP pair to a fresh session high of 0.7333 levels.
Yield advantage favors EUR
The strength in the common currency today can be attributed to to reports from a French official that Pres. Obama told delegates that the strong dollar posed a problem. However, the White House denied the report. Still, the pair managed to consolidate on the gains and extend further as the German 10-year yield ticked 1.9 basis points higher to 0.869%. Meanwhile, the UK 10-year Gilt yield fell 2.6 basis points to 2.056%.
EUR/GBP Technical Levels
The pair currently trades at 0.734 with the immediate resistance seen at 0.7356, above which gains could be extended to 0.7384 (June 4 high). On the flip side, a break below 0.73 could push the pair back to the daily low at 0.7264.
Yield advantage favors EUR
The strength in the common currency today can be attributed to to reports from a French official that Pres. Obama told delegates that the strong dollar posed a problem. However, the White House denied the report. Still, the pair managed to consolidate on the gains and extend further as the German 10-year yield ticked 1.9 basis points higher to 0.869%. Meanwhile, the UK 10-year Gilt yield fell 2.6 basis points to 2.056%.
EUR/GBP Technical Levels
The pair currently trades at 0.734 with the immediate resistance seen at 0.7356, above which gains could be extended to 0.7384 (June 4 high). On the flip side, a break below 0.73 could push the pair back to the daily low at 0.7264.