EURGBP recently reversed up sharply from the powerful support area lying between the multi-month support level 1.775 (which has been reversing the price from the middle of 2016, as can be seen from the weekly EURGBP chart below) and the lower weekly Bollinger Band. Given strength of this support area and the deeply oversold weekly Stochastic – EURGBP is likely to remain under the bullish pressure and extend the gains toward the next resistance level 0.8465 (former multi-month support from April).