TD Research discusses GBP/USD and EUR/USD tactical outlook and sees limited scope for near-term gains.  

"The good news is that the worst may be over, but the downside is that GBP has priced in excessive optimism now. We think the fresh upside is limited but coupled with the easing of US/China trade tensions risk markets should benefit into year end. Together with a Fed that sees some optimism on the external environment, this backdrop reinforces the recent top in the broad USD. EURUSD spot is likely capped around 1.12 for now but we note that 3m call spreads (1.12/1.15) look quite attractive out of the gates in 2020,' TD adds.