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FXStreet (Mumbai) - The rise in the EUR/GBP pair stalled at 0.7182 after having recovered from the low of 0.7115 on the back of diminishing fears of an imminent default in Greece and weak UK retail sales data.
EUR rises as German 10-year yield hit two-week high
The German 10-year bond yield rose to a ten-year high of 0.176% earlier today, before falling on weak preliminary PMI reports. However, the losses have been recovered as the yield is back at 0.162%. Meanwhile, the UK 10-year gilt yield retreated 1.4 basis points to 1.701%. Consequently, the EUR/GBP pair rose on favorable yield spread.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7184 (5-DMA), above which gains could be extended to 0.7221. On the flip side, a break below 0.7150, under which the pair could drop to the daily low of 0.7115.