Credit Suisse sees a scope for resume its underlying downtrend and hits the 0.8400 level in April.

"Typically, GBP strength in April is reversed by weakness in May. But for now, it tallies with our existing view set to add a further reason to expect EURGBP to reach for our new 0.8400 target in April," CS notes. 

"It is also worth bearing in mind that the UK government continues to dissuade the idea of summer travel overseas, for fear of introducing imported covid variants. Given that the UK typically runs a tourism trade deficit, the prospect of UK staycations being the norm probably also boost GBP, all things being equal," CS adds.