England's recent austerity measures in conjunction with a strengthened GDP have made the GBP a stronger currency against the JPY. However recent developments with England's EU neighbors may actually have some negative consequences in light of recent financial problems in Ireland, Spain and Portugal. Having neighbors going through such troubles will inevitably cause waves in one's own economy, creating numerous opportunities for a trader on the forex currency exchange.
Great Britain is also experiencing strength against the US dollar in light of the Federal Reserve's recent quantitative easing measures. Such measures while not especially effective in jumpstarting the US economy have certainly had an adverse impact on the value of the US dollar worldwide. Such impacts can be seen in the form of a decrease in the value of the US dollar against other currencies, an increase in the price of gold and foreign countries being unwilling to use the US dollar in its purchases between one another (an example of this is China and Russia).
Great Britain's currency enjoys a tentative position currently and there are certainly pitfalls for the currency in the near future despite efforts by its government to avoid further decline in its value. The GBP is a fairly stable currency compared to many of the other majors and is great for pips when paired with the jPY or USD. Of course this is provided that its neighbors to the east (Europe) do not suffer any issues (financial or otherwise) that could negatively impact England's economy.