Forex - GBP/USD little changed after U.K. data

The pound was almost unchanged against the dollar on Tuesday after data showed that construction activity in the U.K. expanded at the fastest pace since May 2012 in June.

GBP/USD hit 1.5194 during European morning trade, the session low; the pair subsequently consolidated at 1.5205, edging down 0.06%.

Cable was likely to find support at 1.5164, the low of June 28 and resistance at 1.5278, Friday’s high.

Markit said the U.K. construction purchasing managers' index rose to a seasonally adjusted 51.0 in June from 50.8 in May. 

Economists had expected the index to improve to 51.1 last month.

Senior Markit economist Tim Moore said the improvement in overall construction output boosted the outlook for second quarter growth and lowered the chances for additional easing measures by the Bank of England at its monthly policy meeting on Thursday.

Data on Monday showed that manufacturing activity in the U.K. expanded at the fastest pace in more than two years in June.

Trade remained subdued as investor’s treaded water ahead of Friday’s U.S. nonfarm payrolls data, as speculation over how soon the Federal Reserve may decide to unwind its USD85 billion-a-month stimulus program continued.

On Monday, the Institute for Supply Management said its manufacturing purchasing managers’ index rose to 50.9 in June, recovering from a shock contraction in May. 

However, the employment component of the index contracted for the first time since September 2009.

Elsewhere, sterling was higher against the euro, with EUR/GBP slipping 0.16% to 0.8569.

The euro came under pressure after euro zone officials said Tuesday that Greece has three days to reach an agreement with its troika of lenders, in order to secure the next tranche of its bailout funding at a meeting of the eurogroup of finance ministers on Monday.