JP Morgan stays neutral in GBP/USD in the near-term.

"The recovery in EUR crosses since the poor open has continued somewhat but truth be told given the relaxation in the OAT spreads it is a little underwhelming. In a week where there will be little impetus apart from central banker talk it looks like we will remain limited to price action in fixed income (and oil) which is not a great place to be," JPM notes.

"Not much view here on sterling here, net flows have been pretty mixed, the cross is recovering from testing 0.8450/60 support, 0.8500/10 is resistance above. Cable remains pretty dull here in the 1.3145/60 - 1.3280/00," JPM adds.