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.
The pound fell to nearly a 2-week low of 1.5088 against the U.S. dollar, from an early high of 1.5151.
Against the yen, the pound dropped to 181.49 from an early high of 181.99.
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.
If the pound extends its downtrend, it is likely to find support around 1.48 against the greenback, 178.50 against the yen, 0.75 against the euro and 1.40 against the franc.
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