Goldman Sachs Research sees a scope for downside GBP/USD expressions over the coming 2 months.

"Overlaying more UK-specific considerations with the global backdrop of the evolving energy shock, we think the clearest alignment is in using Sterling downside as a re-escalation hedge-but now best suited to tactical GBP/USD downside rather than tactical EUR/GBP upside. Meanwhile, a more concerted shift towards de-escalation should drive Sterling strength from here, helped in particular by its high-beta characteristics," GS notes.

"But with GBP/USD already having rebounded close to pre-shock levels, and with UK-specific factors leaning toward Sterling underperformance in our view, we think downside GBP/USD expressions over the coming two months offer the greater asymmetry," GS adds.