Forexpros - The pound was trading close to a four-and-a-half month high against the U.S. dollar on Tuesday, as strong global manufacturing data supported demand for riskier assets but gains were kept in check amid concerns over the growth outlook for the euro zone. GBP/USD hit 1.6046 during European morning trade, the session high; the pair subsequently consolidated at 1.6025, inching up 0.02%. Cable was likely to find support at 1.5946, Friday’s low and short-term resistance at 1.6062, Monday’s high and a four-and-a-half month high. Data on Monday showed the U.S. manufacturing sector expanded more-than-forecast in March, while official data from China on Sunday showed that manufacturing activity in the world’s second largest economy jumped to an 11-month high last month. Meanwhile, in the U.K., a report on Monday showed that manufacturing activity expanded at the fastest rate in 10 months in March, easing concerns that the Bank of England will implement another round of monetary stimulus, ahead of the bank’s policy meeting later in the week. But risk appetite was weighed after revised data showed that manufacturing activity in the euro zone remained in contraction territory for the third successive month in March, while a separate report showed that the bloc’s unemployment rate ticked up to a record high of 10.8% in February. The pound was lower against the euro, with EUR/GBP rising 0.18% to hit 0.8327. Later in the day, the U.K. was to produce a report on construction sector activity, while the U.S. was to release official data on factory orders. Also Tuesday, the Federal Reserve was to release the minutes of its March policy meeting.

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