Citi maintains a bearish bias on GBP over the coming weeks.

"While positive risk sentiment is helping keep spot relatively stable, our view remains unchanged - our trader continues to stay long EURGBP and short GBPUSD, looking for a break of support between 1.1840 and 1.1990 to open up a move to the 1.15 handle," Citi notes.

"Our colleague highlights that we are close to approaching support at 1.1942. If we close below the 200-day MA, it would add to indications of a move lower from the evening star formation, as well as our bearish view on GBPUSD. For EURGBP, we are watching 0.8750 on the downside, and 0.8941 and 0.8979 on the topside," Citi adds.