Sterling climbs to two-week high

Sterling rose on Thursday to a two-week high as the dollar slid against main currencies, while Britain's growth outlook brightens for the fourth quarter.
 
GBP/USD last traded at 1.2547, up from the opening of 1.2457, with a session-high at 1.2564, and a low at 1.2431.
 
Sterling's current rise comes as the dollar falls against a basket of currencies after the Federal Reserve's meeting minutes, underpinning the pound as odds fall for another Fed rate hike in the next meeting.
 
Estimates for U.K. GDP growth in the fourth quarter rose to 0.7% from 0.6%, besting expectations of no-change, and buoying the pound.
 
On the other hand, the Bank of England said the odds are even regarding a rate hike or a cut, which forced the pound to waver this week before returning higher as the dollar retreats.