Investing.com - The pound was steady near two-and-a-half month highs against the dollar on Tuesday as investors looked ahead to the outcome of Wednesday’s Federal Reserve policy meeting.
GBP/USD hit 1.5507 during European morning trade, the session high; the pair subsequently consolidated at 1.5501, edging up 0.01%.
Cable was likely to find support at 1.5417, Friday’s low and resistance at 1.5545, Monday’s high and the pair’s highest since February 15.
The dollar remained under pressure after data last week showed that the U.S. economy grew more slowly than expected in the first quarter, adding to concerns over the outlook for the economic recovery.
The data dampened expectations for an earlier than expected end to the bank’s asset purchase program after recent Fed minutes showed that policymakers are divided over the benefits of ongoing monetary easing.
Demand for sterling continued to be underpinned after data last week showed that the U.K. economy returned to growth in the first quarter, avoiding a triple-dip recession.
The pound edged higher against the euro with EUR/GBP slipping 0.11% to 0.8441.
The U.K. was to release official data on public sector net borrowing and mortgage approvals later Tuesday.
Meanwhile, the U.S. was to release data on consumer confidence, a report on manufacturing activity in Chicago and private sector data on house price inflation.
GBP/USD hit 1.5507 during European morning trade, the session high; the pair subsequently consolidated at 1.5501, edging up 0.01%.
Cable was likely to find support at 1.5417, Friday’s low and resistance at 1.5545, Monday’s high and the pair’s highest since February 15.
The dollar remained under pressure after data last week showed that the U.S. economy grew more slowly than expected in the first quarter, adding to concerns over the outlook for the economic recovery.
The data dampened expectations for an earlier than expected end to the bank’s asset purchase program after recent Fed minutes showed that policymakers are divided over the benefits of ongoing monetary easing.
Demand for sterling continued to be underpinned after data last week showed that the U.K. economy returned to growth in the first quarter, avoiding a triple-dip recession.
The pound edged higher against the euro with EUR/GBP slipping 0.11% to 0.8441.
The U.K. was to release official data on public sector net borrowing and mortgage approvals later Tuesday.
Meanwhile, the U.S. was to release data on consumer confidence, a report on manufacturing activity in Chicago and private sector data on house price inflation.