The current excessive however could be very profitable if and when the trades are maintained and managed from the upper and the lower ceilings of medium term exchange rate target zones. Very highest risk is faced to trade the price fluctuations or their tranches due to those tranches are also mixed as confirmed by their "time series interest rate differential currency bands". The current price elasticity of GBPJPY and USDJPY versus GBPUSD and GBPJPY always mixed as well as EURGBP (measured by GBPEUR ).
Trading on GBP-pegged pairs likely good after their interest rate differential based currency bands are confirming their price elasticity in harmony by not exceeding 50-100 PIPs. Short on GBPJPY may be good if and when the USDJPY has reached her upper monthly ceiling and the GBPUSD already hammered down to lower ceiling for mitigation risk. No trades are made on this GBP at this time until price elasticity in harmony, except they are strongly managed at their upper and lower ceilings of their medium term exchange rate target zones.