ING Research discusses GBP/USD and sees a limited scope for further downside in the near-term. 

"Slightly better growth prospects, sticky inflation and some further monetary tightening are the story across the US, the eurozone and the UK at the moment –  suggesting bilateral FX rates do not need to move too much. This has seen three-month GBP/USD implied volatility drift under 10% and would tend to favour more modest moves in the spot," ING notes. 

"We think support levels at 1.1850/1950 may hold over the next couple of weeks," ING adds.