Citi maintains a tactical bearish bias on GBP in the near-term. 

"Our base case is for rates to be stuck, but BoE is likely to keep the negative rate option more open than elsewhere should marginally weigh on GBP," Citi notes. 

"Amid this we remain bearish GBP on the above and on these factors: markets underappreciate risks on Brexit (especially into the June 30 extension deadline), UK’s foreign funding needs, lockdown measures and services exposure. CitiFX Flows momentum signal suggest GBP lower as well," Citi adds.