As brexit gets delayed, UK will continue to pay over 10 bn pounds to EU to access common markets. The supply of pounds will continue as before and we see EURGBP returning back to 0.9000.
The pair has made a solid reverse head and should and this will mean significant upside as long 0.8500 HOLDS.
The trade: Long EURGBP 0.8640 Stop 0.8500 and target 0.9000.
GBPUSD looks set now to finally resolve down as BREXIT is delayed. This increases uncertainity and also the supply of pounds into the market to access the EU common markets.