The EURGBP is bearish in medium term (not short term) by sterilization and bullish for GBPEUR. The bearish on EURGBP will continue until the lower ceiling of the medium term target zone to be reached or the upper ceiling of GBPEUR for medium term target zone to be reached.
@TomasGoral, Again, the timing is dependant to the actual measures of average traded weighted rates at the "lower" and at the "upper" ceiling of the currency band. It could be 2, 3, 4 months or shorter or longer.
What time are you thinking?