How to handle shortcode in WPML XLIFF?

I am sorry if this has been answered elsewhere but I have read through a couple of threads regarding WPML XLIFF files and it seems that the best way to handle it is with custom XML that extracts the Target element and then applies the HTML embedded content processor to the CDATA that is contained there to handle all of the HTML markup. However, there is also the issue with the shortcode (values wrapped in square brackets []) that are not handled by the HTML embedded content processor. Of particular concern are the non-breaking spaces that are represented by [nbsp] and which are part of the text and thus are not easily avoided. Not to mention that languages such as French that use nbsp quite a lot would have to remember to write it out that way. This along with the fact that we cannot properly leverage TM segments that use the normal non-breaking space character and that the TM generated would also include those, is far from ideal.

Since we can only apply a single embedded content processor, I am not sure how I can handle the shortcode and more importantly normalize something like [nbsp] to the actual character and then write it back out as [nbsp] is that is the expected value. I realize that this is similar to what the entities conversion does but that would not work for shortcode. Has anyone already solved this issue and if so can you share your solution? 

Thank you for your help,

Octavio Ramos