GBP/USD holds above 1.2200 ahead of UK GDP, seems vulnerable near one-week low

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• GBP/USD consolidates its recent losses to the weekly low amid a bullish US Dollar.
• Reviving bets for one more Fed rate hike and a softer risk tone underpin the buck.
• Expectations that the BoE will start cutting rates in 2024 weigh on the British Pound.
• The downside remains cushioned as traders await the release of the UK Q3 GDP print.

The GBP/USD pair enters a bearish consolidation phase on Friday and oscillates in a narrow band, around the 1.2220-1.2225 area, just above a one-week low touched during the Asian session.