British pound traded near one-month lows against the US dollar during early US Tuesday trade, despite optimistic UK construction data, ahead of meetings by the Bank of England and the European Central Bank later in the week.
GBP/USD pair fell down to a session low at 1.5137 at 12:29 GMT, the lowest point since May 30th, after which consolidation followed at 1.5170. Support was likely to be found at May 30th low, 1.5110, while resistance was to be encountered at current session high, 1.5240.
Today it was reported that activity in the UK construction sector rose at the fastest rate since May 2012 during June. Construction CIPS indicator in the United Kingdom came in at 51.0 in June from 50.8 a month ago. Experts had projected a rise to 51.4. In addition, on Monday it became clear that manufacturing activity in the UK increased at the fastest pace in over two years during June, boosting optimism, regarding outlook on British economic growth during the second quarter of this year.
Meanwhile, earlier on Tuesday official report said that US factory orders climbed by 2.1% in May to 485 billion USD on a monthly basis, above the projected 2.0%, and further improving in comparison with April, when orders showed 1.3% gains, a revision up from 1.0% previously. Demand for factory goods has increased and also indicated that US business expanded its expenditures after the weaker winter period. Factory orders increased in three out of past four months. Positive results were favored by increased demand for goods in the sector of aircraft building and also goods such as personal computers. Excluding transportation, factory orders recorded a 0.6% rise in May.
Elsewhere, Pound was stable against the euro, as EUR/GBP cross moved up by 0.02% to 0.8585.
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