As the Euro area weakens, UK exports across the Channel are rising. GBP is not the best play against the JPY, however as a carry trade, it is safer than the NZD and AUD IMO. It is still a global "risk on" play, so as volatility in oil continues, expect violent moves in the pair. I suspect that this recent drop is coming from hedge funds raising cash rather than corporates repatriating funds for year end.
However, this trader is still long term bullish, and I will buy dips and consolidations. Most retracements following an up-wave come in the form of triangles eluding to the fact that there are no real sellers - just profit takers.