Sash round one that can go either way (3)
I believe the answer is:
obi
'sash' is the definition.
(type of Japanese sash or belt)
'round one that can go either way' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'one that can go either way' becomes 'bi' (bisexual).
'o'+'bi'='OBI'
(Other definitions for obi that I've seen before include "Material band" , "Spells" , "Long cloth" , "Japanese dress" , "Japanese sash - African witchcraft" .)