Investing.com - The pound was almost unchanged against the U.S. dollar on Tuesday, after mixed economic reports from the U.K. and as demand for the safe-haven greenback remained supported mid growing concerns over Greece's debt crisis.
GBP/USD hit 1.5693 during European morning trade, the session low; the pair subsequently consolidated at 1.5728.
Cable was likely to find support at 1.5622, the low of June 17 and resistance at 1.5832, the high of June 23.
The U.K. Office for National Statistics said gross domestic product expanded at a rate of 0.4% in the first quarter, up from a previous estimate of 0.3% and in line with expectations.
Annualized GDP grew at a rate of 2.9% in the first quarter, up from an initial forecast of 2.4% and beating expectations for a 2.5% increase.
A separate report showed that the U.K. current account recorded a deficit of £26.5 billion in the first quarter, narrowing from a deficit of £28.9 billion in the fourth quarter, whose figure was revised from a deficit of £25.3 billion.
Economists had expected the current account deficit to narrow to £23.8 billion in the first quarter.
Meanwhile, investors remained cautious as Greece’s bailout program was due to expire on Tuesday and without a rescue package in place Athens would almost certainly fall into arrears on a loan repayment due to the International Monetary Fund.
A default by Greece would add to fears over the country’s solvency and fuel doubts over the condition of Greek banks and the collateral they use for European Central Bank loans.
Greece shut down its banking system on Monday, with lenders ordered to stay closed for six days, following a decision by the ECB not to extend a lifeline of emergency funding.
Sterling was higher against the euro, with EUR/GBP declining 0.67% to 0.7094.