We see EUR/GBP at 0.84 on a 9-to-12-month view and forecast and Cable at 1.30 at the end of next year. 

While a return to 1.30 for Cable may be viewed as a victory in some political circles, this would still be well below many measures of fair value for the currency pair and the average levels of GBP/USD 1.5350 that have prevailed since the start of the current century. 

Similarly, the long-term average for EUR/GBP is around 0.79. EUR/GBP is yet to come anywhere close to recovering to levels trading before the 2016 Brexit referendum.