The sterling has also remained stubbornly above the $1.58 level versus the US Dollar.
The Pound Dollar exchange rate is 0.114% lower with 1 GBP = 1.5823 USD at 1:15 PM in London.
The Pound Euro exchange rate is 0.292% higher with 1 GBP = 1.1464 EUR.
The Pound Australian Dollar exchange rate is 1.262% higher with 1 GBP = 1.6270 AUD.
"The British Pound has consolidated on yesterday's 1.7% gain against the Euro, while the UK currency has also remained stubbornly above the $1.58 level versus the US Dollar," says Adam Solomon at foreign exchange brokerage TorFx.
The preliminary third quarter growth figures has dispelled immediate concerns over a second recession in the UK, while speculation increases that the Bank of England will refrain from increasing quantitative easing measures in November.
The British Pound's upward surge against the majors is being treated with cautious optimism by investors, with yesterday's growth data being treated as somewhat of an anomaly.
The UK economy is expected to slow in the fourth quarter, as the government spending cuts erodes consumer confidence and service industries begin to contract.
Nevertheless, the Pound has gained ground against all of the 16 most actively traded currencies and yesterday's move represents a good opportunity to secure an exchange rate before further downside movement towards the end of the year.
Analysts at BNP Paribas SA still forecast that the Pound will fall towards $1.54 against the Dollar before the turn of the year, while Morgan Stanley project 1.0750 versus the Euro.
