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Also, the Canadian Wholesale Sales and Manufacturing Sales could have an impact on the greenback as well. Tomorrow, the UK Claimant Count Change, and the US retail sales should really shake the price. Also, don’t forget that the Canadian Consumer Price Index and the US Industrial Production will be released.
The bias remains bearish as long as it stays below the former high of 1.2225. The bounce-back mat represents a downside continuation pattern. The ascending pitchfork’s warning line (wl1) is seen as a potential target if the rate continues to drop.
The UK inflation figures will also be released on Wednesday and could change the sentiment again.
GBP/USD Price Technical Analysis: 1.21 As Next Target
Fundamentally, the US dollar lost ground on Friday as the US Prelim UoM Consumer Sentiment came in at 63.0 points versus 67.2 points expected and far below 68.1 points in the previous reporting period.
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