is trading lower (as we expect in a rally) however it WILL pick up again/ reverse once it bottoms out - which i think is now!
The trend for all GBP pairs is LOWER hence dont fight the trend with longs INSTEAD when you see GBP pairs in the green +0.7%-+1% look for good resistance levels to short.
GBP is only going to extend lower in the long run with Lower (yesterdays CPI print missed at 1.2% core and 0.2% CPI ) and also as Brexit sell-offs continue - this is merely a recovery from the 5 days of losses so short at these levels is a high probability low risk trade - short it whilst the volatility/ price trades expensive IMO .
Prices above 151.5 are the high probability/ lowest risk shorts possible, if we see 1.522 that is the high of the week so I suggest going 8/10 short at these levels for more than 300 pips to 1.492 low.
The reason I like short GBPJPY and GBPCHF is descibred in detail in "relative value" posts attached to this one!