Forex - GBP/USD edges higher but gains in check

The pound edged higher against the U.S. dollar on Wednesday, supported by the release of positive U.K. employment data, alhtough gains were held in check as investors remained cautious ahead of the Federal Reserve's policy statement due later in the day.

Cable was likely to find support at 1.6160, Tuesday's low and resistance at 1.6465, the high of September 4.GBP/USD hit 1.6337 during European morning trade, the pair's highest since September 5; the pair subsequently consolidated at 1.6290, adding 0.10%.

In a report, the U.K. Office for National Statistics said that the claimant count fell by 37,200 last month, compared to expectations for a decline of 30,000 people. July’s figure was revised to a drop of 37,400 people from a previously reported decline of 33,600.

The report also showed that the rate of unemployment declined to 6.2% in the three months to July, the lowest level since December 2008, compared to expectations for a reading of 6.3% and down from 6.4% in the three months to June.

Meanwhile, the average earnings index, including bonuses, rose 0.6% in the three months to July, above expectations for a 0.5% gain, after falling by 0.4% in the three months to June.

Excluding bonuses, wages rose by 0.7% in the three months to July, meeting forecasts and following a 0.7% gain in the three months to June.

Separately, the minutes of the Bank of England's September policy meeting showed that members votes unanimously to keep the asset puschase facility program on hold.

However, members Martin Weale and Ian McCafferty voted for the second consecutive time to raise interest rates to 0.75% from a record-low 0.5%.

The pound came under pressure recently as uncertainty over the outcome of Thursday’s referendum on Scottish independence continued to dampen investor demand for sterling.

Uncertainty over what currency an independent Scotland would use, as well as concerns over how much of the U.K. national debt it would take on have rattled financial markets.

Sterling was higher against the euro, with EUR/GBP slipping 0.16% to 0.7952.