Investing.com - The pound edges higher against the U.S. dollar on Thursday, after data showed that U.K. retail sales rose in line with expectations in August, while markets eyed the outcome of a highly anticipated vote on Scottish independence.
GBP/USD hit 1.6322 during European morning trade, the session high; the pair subsequently consolidated at 1.6311, adding 0.21%.
Cable was likely to find support at 1.6160, the low of September 16 and resistance at 1.6465, the high of September 4.
Official data showed that U.K. retail sales rose 0.4% last month, in line with expectations. July's figure was revised to a flat reading from a previously estimated 0.1% gain.
Year-on-year, retail sales rose at a 3.9% rate in August, below expectations for a 4.1% gain, after rising at a rate of 2.5% in July.
Core retail sales, which exclude automobile sales, increased by 0.2% last month, compared to forecasts for a 0.3% gain, after rising 0.4% in the previous month.
The pound had found support on Wednesday after opinion polls showed support for the no vote narrowly in the lead ahead of Scotland’s independence referendum.
In the U.S., the Federal Reserve reiterated on Wednesday that it expects rates to remain on hold for a "considerable time", after its bond purchasing program ends, but it also outlined in more detail how it will start to raise short term interest rates when the time comes.
The Fed cut its monthly asset purchase program by another $10 billion, keeping the program on track to finish next month.
Speaking at the bank’s post-policy meeting press conference, Chair Janet Yellen stressed that the timing of any change in interest rates is dependent on the strength of the economic recovery.
Sterling was little changed against the euro, with EUR/GBP dipping 0.03% to 0.7900.
Later in the day, the U.S. was to produce reports on initial jobless claims, building permits, housing starts and manufacturing activity in the Philadelphia region.