Much of the anti-GBP sentiment of the last 6 months derived from a fear that the Gilt market could get into serious trouble. Remembering back, it was this, along with the PRU/AIA deal proposal which helped drive cable below 1.5550 and start the big sell-off. Reports last week, such as this from The Guardian newspaper , showed big players turning bullish UK bonds and this could have a very positive effect on the GBP in the short to medium term. Whether to play the bullish GBP card via cable or EUR/GBP or even GBP/JPY is really a matter of choice but based on current market sentiment, selling EUR/GBP would seem the safest option of the three.