GBP/USD fluctuates as markets get prepared for a busy trading week

The GBP/USD pair reached the 1.2700 handle on Monday, but then fell back, reducing gains but hitting the rollover higher than initially expected. The UK’s economic calendar is expected to be thin this week, with a weaker showing from the US Nonfarm Payrolls (NFP) labor report on Friday.

The UK BRC Like-For-Like Retail Sales for the year ended February are expected to print at 1.6% YoY, while the ISM Services Purchasing Managers Index (PMI) for February is forecast to fall to 53.0. US labor figures are also expected to be heavily influenced, with ADP Employment Change and NFP reports.

Fed Chairman Jerome Powell will testify before the US Congress’ House Financial Services Committee regarding the Fed’s Semi-Annual Monetary Policy Report. The two-day central bank showing is expected to feature numerous soundbites and headlines.