Is it possible that the assemblage of G20 finance ministers and their staffs is causing a stimulus for the London economy and the pound? The pound has recovered from weakness around the 1.61 handle and is now approaching the top side of the channel at 1.64. Actually the stock market's recovery probably has more to do with the pound's gains, than the bloated expense accounts of the government bankers and their staff. If the equities are not going to get trashed, but rather fool the bears and stage a contra seasonally rally, buying the pound and selling the yen, especially after the yens recent rally, has some merit.
In the daily chart you can see this pair has bounced off the bottom, a little under 1.50, and is currently trading at 1.5240. Needless to say this trade is not for the faint of heart.
The pound is showing some strength against the dollar, moving back into a familiar resistance area.