The EU Summit went badly

There is still no Brexit deal.

May is playing for time via the extension period.

Her crictis are growing and some Tories might team up with labour in a Parliamentary vote, at least that is the chatter.

The EU remains 'hopeful' recognising that May is in a fix.

All the above has weighed on the GBP. The four hour chart shows a cluster of the EMA's just above price. This will be a key are to watch to re-join shorts. I can't see any ray of sunshine that can come for the GBP right now. The EU being 'hopeful' just doesn't cut it anymore to give the GBP a sustained bid - Hopeful about what exactly?