1.6178 was the recent high in mid October and a combination of EUR/GBP sales and GBP/JPY buying, has negated any weakness following the mfg PMI data earlier. An Asian central bank has also been seen in the recent run up since the PMI release
Cross yen buying is being attributed to some real money and with the USD/JPY consolidating around 80.00, GBP/JPY could test the 130.00 level seen on May 4th.
Cable’s currently around 1.6174 with the GBP/JPY around 129.40