The GBP is on the verge of breaking out, both against the USD and the JPY; the USD is also looking to post a breakout against the JPY, which would further support the GBPJPY pair breaking above 148 level and begin its way into the mid 150s. My concern is that any risk aversion could lead to quick reversals and increased vols. Keep an eye on fundamentals as this weeks' data was not too supportive of the pound.