Investing.com - The pound rose to one-week highs against the U.S. dollar on Thursday, as demand for the greenback weakened after the minutes of the Federal Reserve's latest policy meeting, while investors awaited the Bank of England's policy statement due later in the day.
GBP/USD hit 1.6216 during European morning trade, the pair's highest since October 2; the pair subsequently consolidated at 1.6207, rising 0.25%.
Cable was likely to find support at 1.6029, Wednesday's low and resistance at 1.6251, the high of October 2.
The dollar wekened broadly after the minutes of the Fed's September 16-17 policy meeting released on Wednesday showed that a number of officials believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic progress.
The report also showed that the U.S. central bank cut its growth outlook due to the higher dollar and concerns over global weakness.
In the U.K., the BoE was set to announce its benchmark interest rate, which was expected to remain unchanged as well as the level of the bank's asset purchase facility program.
Sterling was lower against the euro, with EUR/GBP edging up 0.11% to 0.7885.