GBPUSD Pound Sterling vs United States Dollar

The British pound weakened against the other major currencies in the early European session on Tuesday, after data showed that British construction sector expansion slowed for a second month in a row in April, marking the weakest pace in nearly two years.

Data from Markit Economics showed that U.K. Construction Purchasing Managers' Index fell sharply to 54.2 from 57.8 in March. Economists had forecast a modest drop to 57.4.

Uncertainty over the U.K. election prevails, with the polls still showing a coalition of Conservatives and Labour - parties as majorities, leading to a hung parliament.

Traders remain cautious on whether Greek negotiations would reach into a deal on May 11 eurogroup meeting. Uncertainty over Greece still remains on whether it could make payment.

Greece Labor Minister Panos Skourletis on Monday said in a television interview that the International Monetary Fund, Greece's second biggest creditor after euro zone governments, was pushing the cash-strapped country too hard over labor reforms for an interim deal to unlock frozen bailout aid.

Investors also look ahead to speeches by several Fed policymakers this week and the all-important U.S. nonfarm payrolls data due out on Friday for further cues on the U.S. economic recovery and the likely trajectory of interest rates.

In the Asian session, the pound held steady against its major rivals.

In the European trading now, the pound fell to nearly a 2-week low of 1.5088 against the U.S. dollar, from an early high of 1.5151. If the pound extends its downtrend, it is likely to find support around the 1.48 area.

Against the yen, the pound dropped to 181.49 from an early high of 181.99. The pound may test support near the 178.50 region.

Pulling away from early 4-day highs of 0.7314 against the euro and 1.4236 against the Swiss franc, the pound edged down to 0.7334 and 1.4196, respectively. On the downside, 0.75 against the euro and 1.40 against the franc are seen as the next support levels for the pound.

Looking ahead, U.S. and Canadian trade data for March and U.S. PMI for April are slated for release in the New York session.

At 12:30 pm ET, Bank of Canada Senior Deputy Governor Carolyn Wilkins will address Board of Trade of Metropolitan Montreal.

The Japanese banks will be closed in observance of Children's Day holiday.

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