Forex Pros – The pound fell against the U.S. dollar on Wednesday, erasing earlier gains, ahead of key data on the U.S. housing market and amid growing fears over the euro zone sovereign debt crisis.
GBP/USD hit 1.4608, during European afternoon trade, shedding 0.28%, after falling from a 3-week high of 1.4769.
The pair was likely to find resistance at 1.5054, the high of May 10, and support at 1.4229, the low of May 20 and a 14-month low.
Sterling's decline also came after U.S. President Barack Obama indicated there would be criminal charges brought in BP's oil spill disaster in the Gulf of Mexico.
"If our laws were broken, leading to this death and destruction, my solemn pledge is that we will bring those responsible to justice on behalf of the victims of this catastrophe," Obama said.
The pound climbed versus the euro, meanwhile, with GBP/EUR shedding 0.04% to reach 0.8346.
Later Wednesday, the National Association of Realtors, an industry group was set to release a report on U.S. pending home sales, a leading indicator of economic health.
