The British pound strengthened against most major currencies ahead of European session on Tuesday, as traders await the the second estimate of U.K. first quarter GDP data, due on Thursday.

The Office for National Statistics is set to release second estimate of U.K. first quarter GDP data on Thursday. The U.K. economy expanded 0.3 percent in the first quarter, the slowest growth since the fourth quarter of 2012. The statistical office is likely to revise its preliminary estimate published on April 28 to show a sequential growth of 0.4 percent.

If the GDP results show unexpected pickup, it is likely to boost interest rate expectations.

Finance ministers and central bankers from 7 industrialized nations will begin a three-day meeting this week in Dresden, Germany on Wednesday to address faltering global growth.

The recent foreign exchange movements will be also discussed.

Meanwhile, the Asian stocks were also trading higher, tracking previous day's gains. Investors were also watching for any new developments in Greece's debt talks.

Monday, the pound showed mixed trading against its major rivals. While the Pound rose against the Euro, it fell against the U.S. dollar and the Yen. Against the Swiss franc, the Pound held steady against the Swiss franc. Ahead of European session, the pound rose to a 2-1/2-month high of 0.7069 against the euro and a 4-day high of 1.4661 against the Swiss franc from early lows of 0.7097 and 1.4608, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.69 against the euro and 1.50 against the franc.

Against the yen, the pound advanced to a 4-day high of to 189.09 from an early low of 187.88. On the upside, 191.00 is seen as the next resistance level for the pound.

Looking ahead, U.S. durable goods orders for April, U.S. S&P Case-Shiller's house price index for March, the Conference Board's U.S. consumer confidence index for May and new home sales data for April are due to be released in the New York session.

At 12:30 pm ET, Federal Reserve Governor Stanley Fischer is expected to speak on "The Federal Reserve and the Global Economy" before a conference in honor of Professor Haim Ben-Shaharat at the Tel Aviv University in Israel.

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