GBP/USD flirts with lows near 1.2450, BOE eyed

The GBP/USD pair fails once again to sustain near 1.2480 region in the Asian session, now breaking lower from an upside consolidative phase amid resurgent greenback demand across the board.

BOE inflation report hearings in focus

The major is seen meandering near session lows struck at the mid-point of 1.24 handle, as the demand for the pound takes a hit amid higher treasury yields, which diminish the attractiveness of the GBP as an alternative higher yielding currency.

Further, renewed broad based US dollar strength, in response to strengthening treasury yields also weigh on the major. While markets remain nervous heading into the main risk event for the spot today, the BOE inflation report hearings. BOE Mark Carney will testify before the Treasury Select Committee later today on Feb inflation report.

GBP/USD Levels to consider            

The upside barriers are lined up at 1.2481 (daily high), 1.2500 (round figure) and 1.2570 (Feb 16 high). While supports are aligned at 1.2400/1.2393 (key support/ 50-DMA) and 1.2365 (daily S2) and below that at 1.2344 (Feb 7 low).