GBP/USD resilient, consolidating the offer on 1.24 handle

Currently, GBP/USD is trading at 1.2422, down -0.39% on the day, having posted a daily high at 1.2534 and low at 1.2386.

GBP/USD is sideways narrow range around the 1.24 handle consolidating the greenback's rally from 1.2530 to aforementioned lows. Demand for EUR/GBP drove the offer in sterling in European trade and there has been little fundamental driving the price otherwise although some demand in oil and comments from BOE's Vlieghe speaking in Brussels supports the pound.

BoE's Vlieghe: No appetite in MPC for higher interest rates at moment

BoE's Vlieghe: Keeping rates on hold is best for returning inflation to target

Meanwhile, the pound is continuing to trade on a firmer footing in the near-term following the release late last week of the latest UK GDP report for Q3, as noted by analysts at Bank of Tokyo Mitsubishi, adding, "The report provided further evidence of the UK economy’s resilience in both the run up and following the Brexit vote...If the UK economy continues to defy expectations for a material slowdown in growth in the year ahead, it will create scope for pound weakness to reverse further."

GBP/USD levels

Current price is 1.2415, with resistance ahead at 1.2416 (Yesterday's Low), 1.2417 (Weekly Low), 1.2426 (Daily Classic S1), 1.2431 (Weekly Classic PP) and 1.2432 (Daily 20 SMA). Next support to the downside can be found at 1.2387 (Daily Classic S2), 1.2386 (Daily Low), 1.2359 (Daily Classic S3), 1.2346 (Weekly Classic S1) and 1.2229 (Weekly Classic S2).