The GBP has been smashed in the last 6 months, falling from 2.12 against the USD to a low of 1.35 so far. It has lost even more ground against the JPY and has also suffered against the EUR. But if equity markets around the globe continue to recover (the Dow is up 10% in the last week) then the GBP is the currency most likely to benefit in that it has been sold off the hardest.
I have been watching the longer term GBP/JPY chart in the hope that it would form a major reversal pattern but this has not quite happened. Buying a break above 142 in GBP/JPY might be worth the risk. Keep trailing stops tight because when this pair starts running, the moves will be really big.
I know buying sterling is very hard to justify from a fundamental standpoint but at some stage currencies get severely oversold and GBP has a history of overstretching, lending itself to sharp counter-moves.