The thing is that in Asia, GBP100 million can be enough to move the market whereas in the London market it would hardly cause a ripple. Some renewed selling of GBP/JPY by Japanese accounts has driven the pair 50 pips lower in the last hour and this might be happening on quite low volume. Cable support, in the form of more Sovereign bids, starts at 1.4930 down through 1.4875. Most people I’ve spoken with want to be short sterling against something heading into the election period but they don’t want to sell at these levels as they consider the pound to be oversold at present.