Credit Suisse summarizes its expected trading ranges and bias on GBP/USD, and EUR/GBP for Q2.

"We lower our expected GBPUSD range to 1.2800 – 1.3500 and still fade extremes," CS notes. 

"We keep our EURGBP 0.8275 target but as we don’t see levels much lower, selling is only worthwhile near 0.8550 with a stop just above 0.8600," CS adds.