Investing.com - The pound edged higher against the U.S. dollar on Monday, as sentiment on the greenback remained vulnerable ahead of the Federal Reserve's highly-anticipated policy statement on Thursday.
GBP/USD hit 1.5471 during European morning trade, the pair's highest since September 10; the pair subsequently consolidated at 1.5450, adding 0.16%.
Cable was likely to find support at 1.5335, the low of September 10 and resistance at 1.5508, the high of August 27.
Investors remained cautious amid concerns that mixed U.S. economic reports and recent volatility in global financial markets will prompt the U.S. central bank to refrain from hiking interest rates on Thursday.
Data on Friday showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to 85.7 from 91.9 in July, compared to forecasts of 91.2.
Separately, the Labor Department reported that the producer price index was flat last month after a 0.2% increase in July.
Fed Chair Janet Yellen has said that an interest rate increase is data dependent but has also indicated that she expects to begin raising rates before the end of the year.
Sterling was steady against the euro, with EUR/GBP at 0.7343.