GBP review: Western Union:

Quotes from Western Union:

- Sterling squandered a six-week high against the greenback, a currency that benefited from markets' frayed nerves over Greece and news that U.K. consumers held tighter to their wallets than expected. British retail sales fell 0.3 percent in January, a slightly bigger decline than expected which tempered recent optimism about recovery in Europe's third biggest economy. 

- One of the next big events on the radar to drive the pound will be revised U.K. growth figures for the fourth quarter on Feb. 26. Growth is seen going an unrevised 0.5 percent for last quarter. Any surprise upward revision to growth could see the pound rise to fresh highs for the year around $1.56. 

- GBP buyers should consider taking advantage of the dollar's slim gain on the year against the pound which has receded markedly in recent weeks.