Looking for a semi drop before a consolidation period followed by a larger progressive fall.
sorry but disagree on this.. market is still net short GBP so in positioning terms its certainly far from over bought. Fundamentally its worth far more than JPY if you cut out all fx noise and go back to interest rate differential which is the basis for all fx trading then with BOJ focused on maintaining a 10yr yield target sub 0.2% openly and UKTs trading 1.3% .
Any more positive rhetoric on May getting her deal done or a delay and the rest of the market shorts on GBP will come off taking GBP higher vs all peers. Until end of month its a pure political play