GBP/USD on negative territory

British pound was losing ground for a third day on Tuesday against the US dollar, as market participants preferred wariness, making their decisions ahead of policy meetings by Bank of England and the Federal Reserve this week.

GBP/USD slid to a session low at 1.5294 at 9:39 GMT, the lowest point since July 25th, after which consolidation followed at 1.5313. The cross was likely to find support at July 19th low, 1.5196, while resistance was to be encountered at July 29th high, 1.5413.

Bank of Englands Monetary Policy Committee led by Governor Mark Carney was expected to keep its bond-purchase program at 375 billion GBP on August 1st, according to 41 of 42 economists, according to a survey by Bloomberg. Policymakers will probably keep the benchmark interest rate at a record low level of 0.5%. This meeting follows a report, which showed last week that UK gross domestic product increased in consonance with projections during the second quarter of the year.

Global markets were edgy before the anticipated policy meeting by the Federal Reserve Bank, as uncertainty grew when the central bank will begin to taper its monthly asset purchases, especially after the series of mixed data, released from the United States during the past week. Additionally, on Monday it was reported that pending home sales in the country decreased at a smaller than projected pace in June, by 0.4% compared to 1.0%. In May sales rose by 5.8%.

Elsewhere, the pound weakened against the euro for the sixth day, as EUR/GBP advanced 0.36% to 0.8679 at 13:07 GMT. Sterling was losing ground against the Japanese yen as well, with GBP/JPY pair down by 0.11% to trade at 150.12 at 13:09 GMT.

Ultimately, British pound has lost 0.9% of its value during the past month, according to Bloomberg Correlation-Weighted Indexes, that track 10 developed-nation currencies. The euro decreased by 0.5%, while the US dollar erased 1.7%.