With the intense focus on the French elections, one can forget about the announcement to hold elections in the UK, a declaration that triggered a massive short-squeeze. And after cable slipped from the highs of 1.29, the team at BNP Paribas states that GBP/USD is still cheap:

Here is their view, courtesy of eFXnews:

BNP Paribas FX Strategy Research notes that that market positioning in the GBP appear to have been unwound somewhat following the announcement of a June UK general election.

Despite that, BNPP notes that market positioning remains significantly short GBP, which suggests that the risk of a rally on the back of further short covering remains intact.

Furthermore, BNPP medium-term macroeconomic forecasting model signals that GBP/USD remains cheap versus its projected fair value of 1.31. 

GBP/USD is trading circa 1.2790 as of writing.