Forex Pros – The pound tumbled against the U.S. dollar on Tuesday, breaking below the 1.5 mark as it erased most of Monday's gains in the wake of disappointing U.K. inflation and retail data. During European midday trade, GBP/USD dropped to 1.4972, a daily low; the pair subsequently consolidated around 1.499, shedding 0.73%. Cable was likely to find support at 1.4781, the low of March 1 and a 10-month low, and resistance at 1.5575, the high of Feb. 23. Earlier Tuesday, data released by an industry group showed that retail sales on the U.K. high street grew for a second straight month in March, but less than expected. A separate report by the U.K. Office for National Statistics also showed that Britain's year-on-year consumer price index fell further than forecast in February. Meanwhile, sterling was also down versus the yen on Tuesday, with GBP/JPY sinking 0.44% to hit 135.52. Also Tuesday, an industry group was set to release data on U.S. existing home sales, a key indicator of economic health.

Source