British pound with slight retreat against US dollar

Increased demand for US dollars influenced British pound on Tuesday, as GBP/USD edged lower. The pair tumbled to 1.5062 during European trade session, lowest value since Friday, then consolidation followed at 1.5090-1.5094. Support was expected at 1.5018, lowest from May 22nd, while the pair was to meet resistance at 1.5159, Monday highest.

Expectations arose that FED was moving towards deceleration of its bond buying program, which currently pours 85 billion US dollars a month into the economy. A decision of potential reduction of scale could be made in the next meetings, according to Fed Chairman Ben Bernanke.

British pound was higher versus the euro, with EUR/GBP, dipping to 0.8552.

Markets await the crucial data from United States later today, which could show improvement in Consumer Confidence and S&P/Case-Shiller Composite-20 Home Price Index, according to estimations.