Sterling returns lower, on track for weekly loss

Sterling fell on Friday ahead of the weekend, with the royal currency heading for a weekly loss as the dollar rebounds against a basket of currencies, snapping out of its profit-taking streak and hurting the pound.
 
GBP/USD last traded at 1.2417, down from the opening of 1.2481, with a session-high at 1.2508, and a low at 1.2385.
 
Sterling returned lower today after yesterday's climb, hurt by dollar's rebound from a one-week low against main rivals, pushing the wavering pound down today.
 
Earlier British data showed retail sales down 0.3% in January, missing expectations of a 1% rise, and adding to December's 2.1% fall, revised from 1.9%.
 
Weak retail sales in Britain, adding to negative pressures on the pound from Fed rate-hike forecasts in the bank's next meeting, pushed the pound lower, but it remained within its recent range.