Here is the link for the GBP news, and the charts. Enjoy!

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=ba317cf2-5105-458c-8758-722fc4d19f5e

Here is where we can see very clear the two currencies actual strength commented earlier. The pair has break to the downside a tight range, and hit the 140.20 zone, first support for today, followed by 139.40 and then, the zone @ 138.80. A confirmation above 140.90 will extend upside correction first, to 141.53, followed by 141.94 and finally 142.40 and finally the zone @ 143.10.

While Gbp is extremely week, Japanese yen is the second most strong currency at these days. The trend is clearly bearish, and if you tale a look at this chart, you will see the pair close to the base of a channel @ 1.4690, while also indicators point in that direction. I can see some congestion zone round 147.40 so, under that point, the pair could easily run to the base of the channel, and if broken we could see a more quickly fall, being 145.10 a probable target. Only above 149.04 I see the pair with more chances to regaining some strength and above 151.30, the pair will try to retest the descendant trend line.

i have been asked about this particula pair, and the chances of a bullish continuation. Krishna says:

I am counting this way

1st wave starting point - 250 to 220
2nd wave - 220 to 240
3rd wave -240 to 192
4th wave - 192 to 215.70
5th wave - 215.70 to 185

now A-B-C correction should come atleast 50-60% of entire rally which may take this pair above 220 levels. Either JPY will depreciate to 113 levels or else GBP may appreciate to above said levels to 1.93/97 levels

So, taking a look at weekly charts, what I can see there is that: above the 198 levels, that the pair is targetting right now, we can see a major correction underway, not exaclty to the 220 levels, maybe better approaching to the descendant trend line around 210.00 but bullish finally. Indicartors are also turning downside up so above the mentioned key zone around 198.00 you have a point. But right now, I see Japanese yen against dollar with more chances of reaching 113 than GBP reaching 1.95/97. By this time of the year and till next February, Japanese yen is more likely to fall as usually does till the end of the fiscal year of Japan, while GBP economic outlook is on doubt right now. Anyway I believe in the longer term, the bullsih outlook is ok, unless the pair manages to break under these last weeks minimums that for me seems quite unlikely at the moment.