Investing.com - The pound hit a fresh daily low against the U.S. dollar on Wednesday, as investors awaited the testimony of U.S. Federal Reserve Chairman Ben Bernanke before Congress.
During European afternoon trade, GBP/USD fell to 1.5405, the daily low. Cable was likely to find resistance near 1.5816, last Wednesday's high, and short-term support at 1.5344, Friday's low and a 9-month low.
Sterling also slipped against the yen, with GBP/JPY shedding 0.2% to hit 138.92.
Later Wednesday, Bernanke was set to testify before the financial committee of the House of Representatives.
The Fed chief was expected shed light on the central bank's sudden decision on Friday to hike an emergency bank-lending rate, which triggered speculation on monetary tightening.
Meanwhile, data from an industry group showed on Wednesday that mortgage applications in the United States fell for a third straight week during the week ending Feb. 19.