The British pound fell as oil prices resumed their upward trend, but remained on track for a weekly rise after the Bank of England increased expectations of rate hikes. Sterling was last down 0.4% versus the dollar at $1.3376, reversing some of the previous day's 1.3% rise. For the week, the currency is up 1.2%. Money market traders have begun aggressively price rate hikes, with investors expecting 80 basis points of tightening this year, implying at least three quarter-point rate increases. The Bank of English (BOE) has been the biggest beneficiary of the Middle East war due to its safe-haven characteristics and its role as a net energy exporter.