It looks like the price has formed a double bottom, the RSI has hit the oversold level and the price looks like it may be getting ready to start moving up from here. I think the price would move up from this level towards the resistance level of the channel. This bottom may even trigger the price to move further and breakout the resistance level of the channel, this is only possible to happen if the UK fundamentals over the coming weeks are good and also this pair is able to gain momentum over the coming weeks.