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I've just been bleeding my brakes with a pressure bleeder. This had left the master cylinder over full. I've removed quite a bit of excess fluid but the "pop-off" valve is still up.

Should this be up or should it be level with the top of the cap?

That is not a pop up valve but a level sender, in this case with a ripped top seal. You can order a new cap from the dealer as this will leak like hell and brake fluid is quite devastating stuff

Thanks for the heads up!