The 150pip drop was due to to news that the governing Conservatives' lead over the Labour opposition down to just 5 percentage points weeks before the parliamentary election.
Hence, the GBP/USD is likely to go through a period of and uncertainty, up until the UK elections on June 8th.
Coupled with the US Non Farm Payroll to be released on Friday 2nd June, if we see a positive, strong USD data, the GBP/USD could entend losses to around the1.2600 level.
This presents a very good opportunity to take advantage with short term shorts of the GBP.
The results of the NFP is a major unknown, which would affect the performance of the USD drastically.
Therefore, traders should be wise not to predict the data, but to prepare trade opportunities in either the good/bad data scenarios.