JP Morgan Research maintains a short GBP/AUD exposure in options. 

"While we acknowledge some better growth data in the UK of late, there are still reasons to see GBP as an underperformer versus other high beta currencies in our view," JPM notes. 

"The main GBP trade we have been advocating is GBP/AUD, so we feel more comfortable that given the better global growth outlook and more synchronised recovery, AUD can more than keep up with GBP in rallies. GBP/USD on the other hand is more sensitive to risk markets, and we can perhaps see the recent surge in DM terminal rate pricing starting to manifest in risk markets such as the S&P 500, so we remain patient there," JPM adds.