The pair is Very volitile. Watch the longer term charts, low leverage trades, the carry trade may have some legs left. But I believe GBP/USD days are numbered. It will be trading around 1.8800 - 1.9000 sooner or later, I believe by beggining of 2009. But USD/JPY should be around 112 - 115. So, on those figures, GBP/JPY could have soem legs to 215 area.... Thats what I think....
If your new to the game, be careful, this currency pair has some serious teeth.