Investing.com - The pound pared gains against the U.S. dollar on Tuesday, after the release of downbeat U.K. mortgage approvals data, while investors eyed a string of U.S. economic reports to be published later in the day.
GBP/USD pulled away from 1.6882, the pair's highest since May 22, to hit 1.6853 during European still up 0.06%.
Cable was likely to find support at 1.6802, the low of May 20 and resistance at 1.6917, the high of May 22.
Industry data earlier showed that U.K. mortgage approvals rose by 42,200 last month, compared to expectations for a 45,200 increase. Mortgage approvals in March were revised down to a 45,000 rise from a previously estimated 45,900 increase.
Demand for sterling continued to be underpinned after Bank of England Deputy Governor Charles Bean said Saturday that U.K. interest rates could start rising before next spring.
The pound also remained supported after last week's minutes of the BoE’s May meeting indicated that some policymakers believe the decision on when to raise rates is "becoming more balanced," indicating that they are becoming more hawkish about the argument for hiking interest rates.
Sterling was steady against the euro, with EUR/GBP easing 0.06% to 0.8097.
Later in the day, the U.S. was to produce data on durable goods orders, house price inflation and consumer confidence.