Sterling edges down vs dlr; tumbles vs euro

* Sterling down 0.3 pct $1.6283 GBP=

* Euro up 1.3 pct at 85.93 pence EURGBP=R

* BoE's Dale: Initial signs from QE encouraging

LONDON, June 23 (Reuters) - Sterling edged lower against the dollar and fell more sharply versus the euro on Tuesday with the market taking its cue from equity markets to gauge risk appetite.

Early losses in UK share prices pushed the pound to a low of around $1.6210. But the British currency pared some losses as share prices recovered.

Sterling also lost traction against the dollar after U.S. data showed sales of previously owned homes in the United States rose at a slower-than-expected pace in May.

Sales rose 2.4 percent to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April, below forecasts for a 4.81 million-unit pace. [ID:nN23475172]

"The overall climate (for sterling) remains defensive," said Asraf Laidi, chief market strategist at CMC Markets.

By 1442 GMT, sterling was down 0.3 percent at $1.6283, after hitting a session low of $1.6211 GBP=, according to Reuters data.