Investing.com - The pound was almost unchanged against the dollar on Wednesday after the minutes of the Bank of England’s June meeting showed that policymakers voted unanimously to keep monetary policy unchanged.
GBP/USD was up 0.05% to 1.7075 from around 1.7092 ahead of the minutes.
Cable was likely to find support at around the 1.7025 level and resistance at 1.7150.
The BoE minutes showed that the decision on whether to raise interest rates has become more balanced for some policymakers in recent months than earlier in the year.
However, the minutes also said weakness in wage growth is becoming more “striking”, particularly given that the annual rate of inflation rose to 1.9% in June. Weak wage growth in the face of strong employment growth made it difficult to gauge the degree of slack in the labor market, the minutes said.
Some members of the monetary policy committee were concerned that raising rates too early could destabilize the recovery, given recent signs of weakness in the global economic recovery.
Separately, a report showed that mortgage approvals in the U.K. rose broadly in line with expectations in June.
The British Banker's Association reported that the number of new mortgages approved increased to 43,300 last month from May’s revised total of 41,900, just below forecasts of 43,400.
The pound has strengthened broadly this year, rising to almost six-year highs against the dollar earlier this month amid expectations that the deepening recovery in the U.K. will prompt the BoE to raise rates before the end of 2014.
Elsewhere, sterling was steady against the euro, with EUR/GBP at 0.7892, not far from session lows of 0.7873, the weakest level since August 2012.
The euro has come under pressure since the European Central Bank cut rates to record lows on June 5, in a bid to stave off the threat of deflation in the euro area.
Recent comments by ECB President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to help shore up the faltering recovery in the region.