The British pound is on track for its sixth consecutive decline against the US dollar, slipping toward $1.33 early Friday as traders favored the greenback. The dollar’s strength reflects expectations that the Federal Reserve will cut interest rates cautiously, while doubts grow over how much the Bank of England can ease policy without stoking inflation.

UK retail sales rose 0.5% in September, surpassing economists’ expectations of a 0.2% decline and marking the fourth straight month of growth. August figures were also revised up to 0.6%. This shows consumers are still spending despite high prices, with September consumer prices rising 3.8%, well above the Bank of England’s 2% target.

While resilient retail activity may suggest a strong economy, the persistent inflation and cautious central bank policy mean the pound is unlikely to gain much ground against the dollar in the near term.