GBP/USD steady ahead of release of Fed minutes

The pound traded steady to higher against the dollar on Wednesday as investors remained in standby mode ahead of the release of the Federal Reserve's March policy meeting minutes later in the session.

In U.S. trading on Wednesday, GBP/USD was trading at 1.6751, up 0.02%, up from a session low of 1.6724 and off a high of 1.6765.

Cable was likely to find support at 1.6566, Monday's low, and resistance at 1.6786, the high from March 7.

The dollar remained soft in anticipation of the minutes from the Fed’s March meeting.

On Friday, data revealed that the U.S. economy added 192,000 jobs in March, below expectations for jobs growth of 200,000.

The U.S. unemployment rate remained unchanged at 6.7%, compared to expectations for a downtick to 6.6%.

The numbers sparked some expectations that even though the Federal Reserve will continue to dismantle its monthly bond-buying program, the pace of which remains up in the air.

Fed asset purchases aim to drive recovery by suppressing long-term borrowing costs, weakening the dollar as a side effect.

Fed Chair Janet Yellen has said policy will remain accommodative overall due to slackness in the labor market.

Meanwhile in the U.K., data released earlier revealed that the trade deficit narrowed more-than-expected in February, as both imports and exports fell, though markets shrugged off the news.

Elsewhere, sterling was down against the euro, with EUR/GBP up 0.09% at 0.8244, and up against the yen, with GBP/JPY up 0.06% at 170.65.

On Thursday, the U.S. Labor Department is to release its weekly report on initial jobless claims.