The pound pushed higher against the dollar on Tuesday as investors awaited U.S. reports on house prices and consumer confidence later in the session for further indications the strength of the recovery.
GBP/USD was up 0.16% to 1.6680, recovering from the almost two-week low of 1.6582 struck on Monday.
Cable was likely to find support at 1.6582 and resistance at 1.6740.
Investors remained cautious after a recent series of disappointing U.S. economic indicators, including reports on jobs growth, retail sales and housing sparked concerns that the economic recovery has lost momentum since the end of last year.
Sterling was little changed against the euro, with EUR/GBP dipping 0.02% to 0.8245.
Earlier Tuesday, official data confirmed that Germany’s economy grew 0.4% in the fourth quarter and expanded 1.3% on a year-over-year basis.
The euro remained under pressure amid lingering concerns that the European Central Bank may tighten monetary policy to stave off the risk of deflation in the euro area.
The annual rate of euro zone inflation came in at 0.8% in January, data on Monday showed, slightly higher than the preliminary estimate for 0.7%, but still well below the ECB’s target of 2% inflation.
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