Investing.com - The pound was almost unchanged against the U.S.
dollar on Tuesday, as positive U.K. public sector borrowing data
lent some support but concerns over geopolitical tensions in
Ukraine and the Middle East continued to weigh.
GBP/USD hit 1.7059 during European morning trade, the session
low; the pair subsequently consolidated at 1.7068, dipping
Cable was likely to find support at 1.7037, the low of July 18
and resistance at 1.7118, the high of July 18.
Earlier Tuesday, official data showed that the U.K. public
finances showed a bigger than expected deficit in June. The U.K.
borrowed £11.38 billion last month, compared to expectations for a
deficit of £10.66 billion. In the same month last year, the U.K.
borrowed £7.59 billion.
But investors were cautious as tensions between Russia and the
West remained high in the wake of the downing of a Malaysian
airliner in eastern Ukraine late last week, while Israel's ground
offensive in Gaza was also in focus.
Markets turned their attention to a meeting of euro zone foreign
ministers later on Tuesday to discuss further sanctions against
Separately, hopes for a ceasefire in Gaza mounted after U.S.
Secretary of State John Kerry and United Nations chief Ban Ki Moon
arrived in Cairo for talks aimed at stopping the violence.
Sterling was higher against the euro, with EUR/GBP shedding
0.23% to 0.7902.
Later in the day, the U.S. was to release reports on consumer
price inflation and existing home sales.
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