That depends on the high impact events. For example, before the NFP I'd close my USD-related positions, before a BoE announcement I'd close my GBP-related positions. And so on and so forth.
Regarding EUR/GBP, it has almost reached the previous high at 0.8626. I'm waiting to see whether it will form a double top or it will continue rising above that level.
It all depends on the bond buy backs over the next six months,so far the demand is x4.7 times over subscribed, further weakness in the pound is the objective,BOE have plenty of fire power to push yields lower.