Technically oversold bounce. After this, I expect more continuation downside.
Tight stop loss play. Risking 0.1% to make 0.35% profit. I have other trades already open with wider stops and larger position size, that is why this is relatively small.
Fundamentally, GBP is poised for a strong rally into the 1.50 area. However, technicals tend to take precedent in the short term.