Forex - GBP/USD turns lower on disappointing U.K. data

The pound turned lower against the U.S. dollar in subdued trade on Tuesday, after the release of positive U.S. economic reports, as disappointing U.K. realized sales data weighed on demand for the pound. 

GBP/USD pulled away from 1.5207, the session high, to hit 1.5150 during European afternoon trade, slipping 0.19%. 

Cable was likely to find support at 1.5093, the low of March 21 and resistance at 1.5258, Monday's high. 

The pound came under pressure after the Confederation of British Industry said earlier that its index of realized sales fell unexpectedly to zero in March, from a reading of 8 the previous month. Analysts had expected the index to rise to 12 this month. 

In the U.S., the Standard & Poor's/Case Shiller composite 20 house price index rose to an annualized rate of 8.1% in January, from 6.8% the previous month, beating expectations for a rise to 7.9%. 

The report came after the Census Bureau said that U.S. core durable goods orders fell 0.5% in February, disappointing expectations for a 0.5% rise, after a 2.9% increase the previous month. 

However, durable goods orders, including transportation items, rose 5.7% last month, more than the expected 3.8% increase, following a 3.8% decline in January. 

The pound was also lower against the euro with EUR/GBP rising 0.25%, to hit 0.8489. 

Sentiment on the euro remained fragile after Eurogroup head, Jeroen Dijsselbloem, said on Monday that the rescue program agreed for Cyprus represents a new model for resolving euro zone banking problems and other countries may have to restructure their banking sectors. 

He later appeared to backtrack, saying Cyprus was a specific case with exceptional challenges.

Later in the day, the U.S. was to release data on consumer confidence. 

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