Look around a compass point for this sign (3)
I believe the answer is:
leo
'this sign' is the definition.
(star sign)
'look around a compass point' is the wordplay.
'look' becomes 'lo' ('lo' is an archaic exclamation meaning 'look!').
'around' means one lot of letters goes inside another.
'a compass point' becomes 'E' (E is an example).
'lo' enclosing 'e' is 'LEO'.
'for' acts as a link.
(Other definitions for leo that I've seen before include "Lion sign of the Zodiac" , "MGM's lion" , "certain stars" , "sign of summer" , "Zodiacal lion" .)