This chart comes after a conversation with @Alamakota. Brexit move played in this game was triggered in Jun 2016, you will notice on the Q chart how four years after buyers demonstrated a full retrace, before sellers rejected the highs and there we have the winning move. The UK is entering into the house of economic bondage in the ST and MT. Covid has put additional pressure on the pursuit of UK weakness; buyers were forced to flee and risks of a no-deal are rising again.
As we discussed together earlier in the year in this Brexit chapter will make it difficult to conjure any reason to hold GBP and as such investors would rather avoid the unnecessary risk. The GBPUSD outlook will be also a function of how much artificial USD devaluation we see from global CB's to help keep EM alive. This makes the preferred vehicles of expressing weaker GBP clear, the connection between GBP vs EUR and JPY will be unprotected.
Despite the risk associated with NDB, Downing Street have managed to get this across the line and pushed the UK into the blackhole. This "trap" in wave ii was much praised. The fact that it is a strategic goal to pump and dump the currency was not really considered by anybody. But the goal is and will remain to shake out soft retail hands and not allow any easy entries for the central knee-jerk reactions, while in the long run the crumbling continues.
Risks to the thesis come from:
=> UK softening Brexit tone and looking for possible extensions
=> China-Australia trade protectionism
In our case, short-term and medium-term / daily and weekly charts will come over the weekend as we dig deeper into the set-up. Hope I am wrong but looks like the UK is at the start of a difficult and costly journey. A more natural continuation is expected.