Sterling backs off two-week high

Sterling fell on Friday ahead of the weekend after hitting a two-week high earlier today, as the dollar shakes off the dust from today's tumble following strong U.S. consumer confidence data.
 
GBP/USD last traded at 1.2497, down from the opening of 1.2558, with a session-high at 1.2572, and a low at a 1.2486.
 
Sterling's current drop comes as the dollar rebounds against an array of major currencies away from a one-week low, hurting the pound and nudging it lower today.
 
Strong U.S. consumer confidence data for February underpinned the federal currency and snapped it out of the losing streak following the bearish Federal Reserve's meeting minutes, which slashed chances for a rate hike in March.
 
The dollar is still pressuring the pound due to policy divergence between the Federal Reserve, which plans a rate hike "fairly soon", and the Bank of England, which keeps interest rates at record lows alongside the stimulus program.