Apart of market reality I think that recent price action is driven by psychology. My new idea is that there is a bunch of traders that just become less aware of reality because of reality did not gave any sign of its existance. Financial crisis did not change at all. What have happend was couple of consecutive US better than expected data. Those releases did not convince anyone that market does better and better. Those data might have reduced level of traders attention.
As a result I would look for GBPUSD long after UK interest rate release at 0.5% [preferrably after some spike down]. But for longer timeframe I see nice setup for dramatic plunge of this pair [400 points within two days, preferably triggered by some bad news].