Much more weakness is likely in GBPEURTwo chart patterns are in play right now for FX_IDC:GBPEUR on a long term scale. First of all, GBPEUR is breaking out from triangle, with target at around 0.98. And further there is an option that GBPEUR is forming head &shoulders pattern. H&S would be confirmed, if currency pair breaks neckline around 1, then pound may drop as far as to 0.75-0.80 region.
As it is long term pattern, be ready that this scenario may play out over next few years, and not something to expect in next few months. However, with brexit deadline getting closer, more volatility certainly is likely.
As of now, short with stop at around 1.125 may be attempted for more downside.
