Not the most exciting pair but it is at an interesting area to observe for trade plans/ideas !
Given that most of the news for GBP at the moment is out for review and we basically opened the week at W-R2 on this pair, "If" we can get some bearish EUR news, ie. Draghi speaking tomorrow, the short play can be a nice trade. But "If" we don't get EUR bearish news and the GBP continues getting crushed then there are some long trades as well on this pair. An idea to front run Draghi could be to trade 5 min shorts today being very disciplined in hopes of getting a trade on that you can get up 25 pips and move your stop to zero/-10 several hours before his speech and hope he talks down the Euro. Not for everyone since it's increased risk !! Also, taking the above into consideration and If the USD Rallies this week then use this pair to choose either the E/U or G/U to trade to the downside. If this pair remains bullish then setup G/U shorts but if this pair turns bearish look for E/U shorts to gain an advantage of either one being weaker while buying USD's.