Sterling climbs to five-day high

Sterling rose on Monday at the start of the week to a five-day high ahead of the Federal Reserve's meeting, and before the British Parliamentary debate about exiting the European Union, while noting the royal currency fell to a seven-week trough last week. 
 
GBP/USD last traded at 1.2226, up from the opening of 1.2166, with an intraday high t 1.2252, and a low at 1.2153.
 
Sterling's rise today came on the back of dollar's wavering against a basket of currencies ahead of the Fed's meeting this week, expected to hike interest rates for the first time this year.
 
On the other hand, the pound was hurt by pending discussions in the British Parliament about the laws governing the exit from the European Union, with expectations the Lower House would overturn the amendments made by the Upper House last week.
 
Investors preferred to perform short-covering on the pound ahead of the next events, which would impact the currency, specially as Scottish demands for independence grow louder.