Economic-Fundamentals: (1) Seasonality in GBP TWI (2) GBP Central Bank is Hawkish and the US dollar is in a down trend (3) Reduction in political uncertainty - EU/UK Agreed on a transition (4) Local environment ripe: The UK public sector wage cap will increase!
Technical: (1) Engulfing Bullish Pattern+Morning star (2) hor. support+diagonal support (3) 38% fib retracement (4) Previous continuation of an uptrend on a higher time frame (5) Oversold Stochastics (6) Reverse Bullish Divergence
GBPUSD is within the normal monthly range of this April season.
It should be noted that the risk to this trade has been the trade war going on between Trump and Asia. At first it was China, but now since Japan refuses to agree he is attacking Japan. South Korea bowed to the USA, signing the trade deal.
However, the falling range of this pair is still in normal levels; well within the range of an April seasonal rally.