Forexpros - The pound fell to session lows against the U.S. dollar on Wednesday, as fresh concerns over U.S. fiscal policy and uncertainty ahead of a Greek austerity vote supported demand for the safety of the greenback. GBP/USD hit 1.5963 during European afternoon trade, the pair’s lowest since Monday; the pair subsequently consolidated at 1.5974, slipping 0.13%. Cable was likely to find support at 1.5935, the low of October 24 and resistance at 1.6041, the session high. Market sentiment was hit by uncertainty ahead of a Greek parliamentary vote later in the day, on an austerity bill necessary for Athens to secure its next installment of bailout funds. Meanwhile, worse-than-forecast economic data out of the euro zone added to concerns that the bloc’s economy is weakening. German industrial production dropped 1.8% in September, compared to expectations for a 0.5% decline, while industrial production in Spain tumbled 7%, almost double the decline expected by economists. Elsewhere, official data showed that retail sales on the euro zone fell by 0.2% in September, compared to expectations for a 0.1% decline. Sterling hit session highs against the dollar earlier amid relief over a clear victory for President Barack Obama in the U.S. presidential elections. The win for Obama was seen as boosting the chances that the Federal Reserve’s policy of quantitative easing will remain in place. The pound was higher against the euro, with EUR/GBP down 0.27% to 0.7989. Later in the day, European Union Commissioner for Economic and Monetary Affairs Olli Rehn was to release the EU’s autumn economic forecasts.

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