Sterling muscles up to two-week high

Sterling rose on Friday for the third session in a row to a two-week high as the support from the Bank of England's meeting carries on, while the dollar declined this week. 

GBP/USD last traded at 1.2378, up from the opening of 1.2350, with a session-high at 1.2399, and a low at 1.2325. 

Sterling is heading for the first weekly profit in five weeks after the dollar fell to a five-week trough against a basket of currencies following the Federal Reserve's rate hike. 

The Bank of England kept interest rates and monetary policy unchanged in its last meeting, while monitoring inflation as it marches towards the bank's target due to higher energy prices and the weaker currency. 

The BoE's policy decision wasn't unanimous after one member voted to increase interest rates today, indicating a split in decision as inflation gathers steam, in turn offering some support to the currency.