During European trading, the British Pound decreased against the US Dollar, trading below 1.2700 levels.
The GBP/USD currency retreated in the European session following profit taking after good economic data coming out of the UK boosted the pair. In the UK, Month on Month Retail Sales data for January was released with results better than expected (1.7% realised vs 0.4% expected). In the US, Manufacturing and Services PMI for February (51.3 and 53 respectively expected) will be released (14:45 GMT), Existing Homes Sales for January (4.13M exp) will be posted (15:00 GMT).