There were new plans for St Helen's Wharf published on Friday. A report by some traffic consultants employed by the County Council suggest that making the Wharf two way could help the South Abingdon traffic situation. If that does happen that white arrow would go.
This road by the church would become two way, and traffic lights added to this scene,
and this 'Pedal Cycles Access Only' would disappear.
But in my humble opinion I'm not sure this addresses the fundamental issue.