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14 May 2015
EUR/GBP off highs circa 0.7230
FXStreet (Mumbai) - The shared currency trimmed gains versus the British pound in the mid-European session, with EUR/GBP moving slightly away from session highs, largely as the GBP bulls jumped backed in to bids and pierced through 1.58 barrier, pulling the cross lower.
EUR/GBP drops from 0.7240/44
Currently, the EUR/GBP cross trades 0.31% higher at 0.7232, having posted day’s high at 0.7244 and day’s low at 0.7208. The cross in EUR/GBP withdrew from highs mainly driven by a solid pull back seen in the cable, rising higher at fresh six month highs above 1.58 handle.
However, the cross remains supported largely on a heavily bid shared currency across the board tracking gains from the rising German bund yields.
Meanwhile, the cross is expected to remain buoyed amid a data-dry European calendar with all eyes now turned towards US economic releases due later today.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7280 levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7138 (May 11 Low) levels.
EUR/GBP drops from 0.7240/44
Currently, the EUR/GBP cross trades 0.31% higher at 0.7232, having posted day’s high at 0.7244 and day’s low at 0.7208. The cross in EUR/GBP withdrew from highs mainly driven by a solid pull back seen in the cable, rising higher at fresh six month highs above 1.58 handle.
However, the cross remains supported largely on a heavily bid shared currency across the board tracking gains from the rising German bund yields.
Meanwhile, the cross is expected to remain buoyed amid a data-dry European calendar with all eyes now turned towards US economic releases due later today.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7280 levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7138 (May 11 Low) levels.