Strategists at Rabobank view rallies as selling opportunities and see downside risk to the GBP/USD 1.19 target.  

Key quotes

“Given the scale of the economic crisis that Britain is entering into, it may be wise for investors to keep an open mind as to monetary policy developments over the next year or so in the UK and beyond. The fact that the money market continues to price in a dip into negative rates suggests they are doing just that.”

“Brexit risks and criticism of the government on its handling of the Covid-19 crisis suggest the potential for further pressure for the pound.  We see downside risk to our longstanding target of GBP/USD 1.19.”