EURGBP up through 0.8500

FXstreet.com (London) - EUR/GBP has broken higher gain after the only piece of UK data for today that came in the form of BBA Mortgage Approvals.

EUR/GBP has moved up to trade 0.8510 on the data release, which saw an increase and an improvement in mortgage approvals for May printing 36.1k against the consensus of 33.1k.

EUR/GBP back in bullish territory

EUR/GBP needs to maintain bids ahead of 0.8475 to prevent a bullish technical structure above the 50d SMA and 0.8500 handles. The daily chart offers a very clear trend line to the upside. Breakouts lower would re-target the 0.8422 mid-May low and the 2012-13 support line at 0.8388.