Credit Suisse discusses GBP/USD technical outlook and sees a scope for further strength over the coming weeks.

"We continue to look for a consolidation phase to emerge in the near term. Big picture, we look for this to be temporary , with further strength expected in due course to resistance next at 1.2408, ahead of 1.2519 and eventually the May high at 1.2668, potentially even as far as the 61.8% retracement at 1.2758," CS notes.

"Support is seen initially at the 13 -day exponential average and minor retracement support at 1.2049/46, but with fresh buyers expected here for now," CS adds.